Gansu Province-based Chinese steelmaker Jiuquan Iron and Steel Group (JISCO) has announced that in the January-September period of the current year its Gansu-based subsidiary Hongxing Steel achieved an operating revenue of RMB 65.809 billion ($10.79 billion), up 11.23 percent, while its net profit for the period amounted to RMB 250 million ($40.98 million), down 39.23 percent, both year on year.
According to JISCO, the decrease in Hongxing Steel's net profit in the January-September period was mainly due to lower profitability from finished steel sales.
Source:
http://www.steelorbis.com/steel-news/latest-news/jisco-hongxing-steel-sees-increased-revenue-in-jan_sept-792131.htm
