Henan Province-based Chinese steelmaker Zhongyuan Special Steel Co., Ltd has issued its estimated financial results for 2012, indicating a net profit of RMB 68.0577-81.6692 million ($1.1-1.3 million), with a decrease of 10-25 percent compared to 2011. Previously, Zhongyuan Special Steel had predicted a 28.37-61.43 percent year-on-year decline in net profit for 2012.
The company stated that in December 2012 it received a financial subsidy worth RMB 50 million ($8.1 million) from local government authorities, which was included in the net profit of the company for 2012. Zhongyuan Special Steel plans to issue its official financial results for 2012 on March 21.
Source:
http://www.steelorbis.com/steel-news/latest-news/zhongyuan-special-steel-expects-10_25-percent-fall-in-2012-net-profit-736307.htm
