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Lingyuan Steel returns to profit H1Lingyuan Steel turns profit in H1
Lingyuan Iron & Steel Co Ltd, a Chinese domestic steelmaker, announced that it has returned to profit in the first half of this year, sources reported. In the first six months of this year, the company posted a net profit
of RMB 273.9 million, while earnings per share were RMB 0.34, according
to the company’s interim report.
The firm’s operating revenue hit RMB 5.51 billion, an increase of RMB
1.08 billion compared with that in the same period in 2009.
In the first half, the company’s operating profit margin grew 7.06
percentage points year on year to 12.49%, while expenses fell 40.8% year
on year to RMB 284.77 million.
As of end June, the steelmaker had total assets of RMB 7.66 billion, up
11.9% from the end of 2009.
In late July, Lingyuan Iron & Steel Co Ltd announced
that it plans to take participate in the Shanghai initial public
offering of China Everbright Bank Co, the banking unit of state-owned
China Everbright Group.
Source: China Knowledge
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