TISCO stainless steel in the third quarter net profit rose 31-fold
TISCO Stainless Steel Three quarters of 2009 net profit of 716 million yuan, an increase of 72.66 percent, the chain increased as much as 3154.55%.
TISCO stainless steel on the afternoon of October 29 release of three quarterly show in the first three quarter net profit of 35.182 million yuan, the basic earnings per share were 0.006 yuan, respectively, down 98.63 percent from a year earlier and 98.76%. However, a substantial increase in third-quarter earnings, basic earnings per share were recorded in 0.13 yuan, an increase of 68%. Shun Securities analyst Zhao Zhicheng, chief iron and steel industry to "financial," told reporters that the performance of TISCO stainless substantial growth in the third quarter, the most important reason is that steel prices in June, July's surge; and performance of the growth rate has been largely in line with market expectations .
From the product structure, Zhao Zhicheng that the company's stainless steel products are the major profit growth point in the third quarter, while the average performance of steel in 2009, the general weakness. Third-quarter earnings also enable the company to reverse the loss of the first half of the state. TISCO stainless steel one-quarter loss amounted to 714 million yuan in the second quarter recovery in steel prices and product structure adjustment of the lead, made net profit of 022 million yuan in the first half of a loss of 692 million yuan. Zhao Zhicheng that since 60% of TISCO stainless steel tube IronStone from its controlling shareholder of Taiyuan Iron and Steel (Group) Co., Ltd. internal procurement, therefore the cost of iron ore market price compared to a certain discount, this part of the cost advantage is expected in the fourth quarter demonstrated.
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