Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co., Ltd has announced its financial results for 2012.
Accordingly, the company achieved an operating revenue of RMB 15.602 billion ($2.5 billion) in 2012, down 70.31 percent year on year. Meanwhile, in the given year the company’s net profit totaled RMB 592 million ($94 million), compared to its net profit of RMB 1.686 million in 2011.
Pangang Group Steel Vanadium & Titanium Co. stated that, due to the major reorganization of its assets carried out in 2011, its financial results for 2012 cannot accurately be compared with its results for 2011.
Source:
http://www.steelorbis.com/steel-news/latest-news/pangang-vanadium--titanium-posts-reduced-net-profit-for-2012-747298.htm
