Securities Times reports that 15 Chinese listed steel mills have issued H1 reports with total losses of CNY 1.13 billion between them in Q2. However, the loss has decreased 51.3% from Q1.
Statistics from Wind Information show that the total loss of the 15 mills in H1 posted at CNY 3.45 billion contrasting sharply with CNY 14.81 billion earned in the same period of last year. Operating revenue also shrank. Total revenue in H1 was CNY 167.13 billion declining 32% from a year ago.
Angang Steel Co Ltd suffered losses of CNY 1.563 billion in H1, Ma'anshan Iron & Steel Co Ltd posted losses of CNY 795 million and Jinan Iron & Steel Co and Laiwu Iron & Steel Co registered losses of CNY 875 million and CNY 598 million respectively. However, Xinxing Ductile Iron Pile Co Ltd earned a profit of CNY 472 million in the period and Tangshan Iron & Steel Co and Handan Iron & Steel Co both recorded profits though they are in the process of regrouping at present.
Preparation for stock devaluation also increased and amounted to CNY 1.272 billion in H1 for the 15 mills, versus CNY 374 million from a year ago. Preparation posted at CNY 773 million at Chongqing Steel, CNY 180 million at Angang and CNY 49.53 million at Ma'anshan Steel.
Nanjing Iron & Steel predicts more than a half net decline in the first three quarters, since its H1 profit stood at CNY 55.56 million versus CNY 646 million gained in the first three quarters of last year. Analysts speculate that the company would make a profit of above CNY 200 million in Q3.
Lingyuan Iron & Steel also expects to reverse the loss-making condition in the third quarter.
Source: Steel Guru
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