Jiangxi Province-based Chinese steelmaker Fangda Special Steel has issued its financial results for the first three quarters of the current year.
Accordingly, in the first nine months this year the company achieved an estimated net profit of around RMB 475.5 million ($78.18 million), up 50 percent as compared to the same period last year.
According to Fangda Special Steel, the increase in its net profit was due to factors such as its purchase of a 30 percent stake in Liaoning Province-based company Tongda Tiexuan Co, its efforts to reduce costs and increase efficiency, and due to the profit recorded by its subsidiary Fangda Special Steel Automotive Suspension Group Co. following previous losses.
Source:
http://www.steelorbis.com/steel-news/latest-news/fangda-special-steels-net-profit-up-50-percent-in-jan_sept-791120.htm
