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Hesteel expects earnings to rise to 1.68B yuan for Q3

Hesteel Co. Ltd. expects its net profit attributable to shareholders for the quarter ended Sept. 30 to range between 1.48 billion Chinese yuan to 1.68 billion yuan, from 944.3 million yuan reported a year earlier.

The company said in an Oct.12 filing that basic EPS is expected to range between 13.9 fen to 15.8 fen from 9 fen of a year earlier.

The company attributed its earnings growth to a stabilized steel price and an optimized product structure.

For the first nine months, Hesteel expects its net profit attributable to shareholders to see an yearly increase ranging between 50% to 59%, at 3.3 billion yuan to 3.5 billion yuan.

As of Oct. 11, US$1 was equivalent to 6.89 Chinese yuan.