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Hongxing Iron flags swing to 78M yuan FY'16 net profit

Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd. said Jan. 19 that it expected to swing to a net profit of around 78 million Chinese yuan in 2016 from a net loss of 7.36 billion yuan posted a year ago.

The company said that profitability improved due to a rebound in steel prices and reduced operational costs in 2016.

As of Jan. 19, US$1 was equivalent to 6.88 Chinese yuan.