Bloomberg reported that Baoshan Iron & Steel Company of China profit fell 42% last year to the lowest level since 2009 after an asset sale inflated earnings a year earlier.
Net income declined to CNY 5.82 billion or CNY 0.35 per share from CNY 10.1 billion or CNY 0.0.58. Sales fell 0.7% to CNY 189.7 billion.
Baoshan recorded a one time gain of CNY 9.09 billion in 2012 by selling stainless steel and specialty steel units to its parent.
The supplier of half of China’s automotive steel is set to benefit from the nation’s growing appetite for cars even as officials in Beijing enact policies to tackle a steel overcapacity.
In 2014, the company said that it will put limited resources into products with stronger margins and is seeing sales from cold rolled automobile plates growing 10.8% from a year earlier amid an oversupply in steel industry.
Source – Bloomberg
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