Statistics

Laiwu Steel 2009 profit down 63%

(Xinhua)
Updated: 2010-03-05 11:31

Laiwu Steel Group, China's seventh biggest steel maker by output, announced Thursday its net profit in 2009 plunged 63 percent year-on-year to 96.9 million yuan ($14.1 million).

The decline was due to steel price fluctuations last year caused by the economic downturn, the company said in its annual business report filed to the Shanghai Stock Exchange Thursday.

Business revenue decreased 28.89 percent from a year earlier to 28 billion yuan in 2009, and earnings per share fell 63.16 percent to 0.1 yuan, according to the report.

The share price of the company was down 1.45 percent to close at 11.53 yuan in Shanghai Thursday.

The combined profits generated by China's 68 large and medium-sized iron and steel companies stood at 55.39 billion yuan in 2009, down 31.43 percent year-on-year, according to data from the China Iron and Steel Association (CISA) in February.

The fall in steel products prices was the major reason for the losses of Chinese steel makers, according to the CISA.

Data from the CISA showed the average steel price index, a major gauge of China's steel products, was down 25 percent year-on-year to 103.12 points in 2009.