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Hesteel flags up to 179% YOY surge in FY'16 net profit

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Hesteel flags up to 179% YOY surge in FY'16 net profit

Hesteel Co. Ltd. said Jan. 20 that its net profit attributable to shareholders is expected to range between 1.50 billion and 1.60 billion Chinese yuan in 2016, which represents an increase of between 161.57% and 179.01% from the 573.5 million yuan posted a year ago.

The company said the profitability of China's steel industry has significantly improved due to a recovery in the price of steel products in 2016. Operations also benefited from cost controls and an increased proportion of high-end customers.

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