Baoshan Iron & Steel Co. Ltd. said April 28 that its net profit attributable to shareholders rose 33% year over year to 5.02 billion Chinese yuan, or 23 fen per share, in the first quarter due to stable production and continued cost reduction.
Income before tax was at 6.92 billion yuan, the best first-quarter results since listing in 2000, the company said.
Operating revenues were down 7% year over year to 67.45 billion yuan, but cash flow from operating activities surged 84.15% to 3.59 billion yuan.
Finance costs dropped by nearly 600 million yuan to 241.1 million yuan as the company said it booked 530 million yuan in exchange gains due to the yuan's appreciation.
The company produced 11.4 million tonnes of iron ore and 11.9 million tonnes of steel in the quarter.
As of April 27, US$1 was equivalent to 6.33 Chinese yuan.