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Wuhan Iron flags swing to FY'16 profit, files for delisting

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Wuhan Iron flags swing to FY'16 profit, files for delisting

Wuhan Iron & Steel Co. Ltd. expected to swing to a net profit attributable to shareholders of about 406 million Chinese yuan in 2016 from a net loss of 7.51 billion yuan, or 74.4 fen per share, posted a year ago, according to an unaudited earnings guidance released Jan. 25.

The company attributed the profit to continuous increases in steel prices in the period.

In a separate Jan. 24 statement, Wuhan Iron said its shares would be suspended from trading as it applied for them to be delisted as part of the company's merger with Baoshan Iron & Steel Co. Ltd.

As of Jan. 24, US$1 was equivalent to 6.86 Chinese yuan.