Daye Special Steel Net Profit in H1 up by 162pct

Resource from: CBCC Likes:2905

Aug 20,2010

China Business News reported that when many a listed steel mills eye their net assets turning red, Daye Special Steel Co Ltd brought home the bacon registering a net profit surge of 161.74% in the first half this year. Its semi-annual report shows that its business income posted CNY 3.85 billion soaring 56.37%YoY and its net profit, CNY 293 million rocketing 161.74%. The mill ascribes the outstanding performance to its intensified effort on adjustment of product mix and new products development. During one and a half month since June 30th, its share has hiked 25.9% from CNY 10.31 to CNY 12.98. According to Citic Pacific Special Steel Group, the mill's real owner, its special steel capacity was slated to expand from current 4.5 million tonnes to 9 million tonnes in the next two or three years. But, the mill's annual steel output now is only 1.1 million tonnes. Analyst with CITIC Securities Mr Zhou Xizeng believed that if the Group has its interior apart special steel businesses regrouped, Daye Special is likely to expect great leap-forward progress. According to him the special steel industry is an ascendant industry and would be the beneficiary of China's economic restructuring. Demand will boom with part of manufacturing sector such as auto and machinery moving to China. Mr Huang Jin analyst with Huatai United Securities said from the short run sales of Daye Special would slip in the third quarter mainly affected by the shrinking purchase with auto sector. The starry-eyed auto makers made a chunk of purchase in earlier term beyond their actual need, leading to the real inventory doubling the reasonable amount and palpable decrease in orders.

(CBCC)

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