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Hesteel expects Q3 net profit of up to 1.18B yuan

Hesteel Co. Ltd. expects its net profit attributable to shareholders for the third quarter to range between 899.2 million and 1.18 billion Chinese yuan, compared to the net profit of 534.3 million yuan recorded a year ago.

Earnings per share, however, was expected to stay between 8.5 and 11.1 fen per share, according to an Oct. 13 statement.

The iron and steel producer attributed the expected improved profitability to price hikes of steel products and strengthened cost controls.

The company reported a net profit of 1.25 billion yuan, or 11.8 fen per share, for the first half, representing a year-over-year increase of 205.8%.

As of Oct. 12, US$1 was equivalent to 6.59 Chinese yuan.