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Maanshan Iron's Q1 net loss narrows to 348.2M yuan, rebound flagged for H1

said April 27 that its net loss attributable to shareholders for the first quarternarrowed to 348.2 million Chinese yuan, or 4.5 fen per share, from 595.4 millionyuan, or 7.7 fen per share, recorded a year ago.

Againstthe still bleak first-quarter financial performance, the company said it neverthelessexpected to return to profit in the first half as steel prices continued its upwardtrajectory.

For thequarter, total revenue dropped 21.47% year over year to 9.23 billion yuan. The companyattributed this to year-on-year decreases in sales volumes and prices of steel products.

Whilesteel prices rose significantly in March, the prices of raw materials and fuel alsorebounded quickly, leading to challenging conditions, the company said.

Operatingcosts dropped 22.43% to 9.71 billion yuan from, 12.51 billion yuan recorded in thesame quarter of 2015.

Sellingexpenses was down 4.83% to 141.0 million yuan while impairment losses jumped to470.6 million yuan from 98.3 million yuan.

In thefirst quarter, the company produced 3.3 million tonnes of pig iron, 3.5 milliontonnes of crude steel and 3.3 million tonnes of steel products, down 0.61%, 1.76%and 3.07%, respectively, from a year ago.

It waspreviously reported that Maanshan Iron is looking to cut its steel production capacity by 20% over the next threeyears.

As of April 27, US$1 was equivalentto 6.50 Chinese yuan.