Lingyuan Steel's mid-term net profit fell by 188.42%

On the evening of August 14, Lingyuan Iron and Steel Co., Ltd. released the 2012 semi-annual report.

According to the report, net profit attributable to shareholders of listed companies for the first half of the year exceeded 230 million, which was a sharp drop of 188.42% compared with the same period of last year. In the first half of the year, the company produced 1,705,800 tons of steel, a year-on-year decrease of 1.95%; iron 1,507,900 tons, a year-on-year decrease of 2.03%; and steel 1,727,300 tons, a year-on-year decrease of 2.78%. The accumulated operating income was 6.606 billion yuan, a year-on-year decrease of 13.29%; the loss was 231.9887 million yuan.

The report said that since the beginning of this year, China's economic growth has slowed down, and the benefits of steel companies have fallen sharply. The company has suffered losses for eight consecutive months since last September. Faced with the severe situation, the company has steadily promoted various tasks in accordance with the overall requirements set at the beginning of the year and worked hard to reduce all kinds of adverse impacts. It began to earn monthly profits in May and June.