On August 27, Beijing-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. announced its financial results for the second quarter and the first half of the current year.
Accordingly, in the first six months the company achieved an operating revenue of RMB 33.155 billion ($5.42 billion), up 7.47 percent, while its operating costs totaled RMB 31.447 billion ($5.14 billion), up 8.52 percent, both year on year. The company achieved a net profit of RMB 410 million ($66.96 million) in the first half this year, down 39.94 percent compared to the corresponding period of the previous year.
As for the second quarter this year, the company's operating revenue and operating costs totaled RMB 17.773 billion ($2.90 billion) and RMB 17.075 billion ($2.79 billion), up 8.93 percent and increasing by 11.37 percent year on year, respectively. In the second quarter, Xinxing Ductile Iron Pipes Co.'s net profit amounted to RMB 83 million ($13.56 million), down 74.28 percent year on year.
