Jiangxi Province-based Chinese steelmaker Fangda Special Steel has issued its financial results for the first three quarters of this current year, announcing an operating revenue of RMB 9.641 billion ($1.58 billion), down 3.41 percent, while it saw a net profit of RMB 482 million ($79.1 million), up 51.99 percent, both year on year.
Fangda Special Steel stated that the increase in its net profit was due to factors such as the profit recorded by its subsidiary Fangda Special Steel Automotive Suspension Group Co. following previous losses, its own efforts to reduce costs and increase efficiency, and its purchase of a 30 percent stake in Liaoning-based company Tongda Tiexuan Co.
Source:
http://www.steelorbis.com/steel-news/latest-news/fangda-special-steel-sees-52-rise-in-net-profit-in-jan_sept-792196.htm
