On March 19, Beijing-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. announced its financial results for 2012.
Accordingly, in 2012 the company achieved an operating revenue of RMB 58.816 billion ($9.4 billion), up 11.97 percent, while its operating profit totaled RMB 1.385 billion ($221 million), down 30.66 percent, both year on year. In 2012, the company achieved a net profit of RMB 1.266 billion ($202 million), down 13.59 percent compared to in 2011.
As for 2013, the company targets sales revenues of RMB 69 billion ($11 billion) and aims to keep its operating costs below RMB 63.9 billion ($10 billion). Meanwhile, in 2013Xinxing Ductile Iron Pipes Co. expects to achieve total production of 7.956 million mt of finished steel, 1.63 million mt of ductile iron pipes and pipe fittings, 84,000 mt of composite steel pipes and high-alloy pipes, 378,000 mt of tube blanks and 40,000 mt of radial forgings.
