Hualing Steel posts decreased net loss in H1

Publish time: 31st August, 2011      Source: ChinaCCM
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In the first six months of 2011, Hunan Province-based Chinese steel producer Hualing Iron and Steel Group (Hualing Steel) achieved a total operating income of RMB 37.9 billion ($5.9 billion), up 36.03 percent year on year. Despite the increased operating income, the company suffered a net loss of RMB 218 million ($34 million), though its net loss recovered by 45.56 percent from the corresponding period of 2010. In its financial report, Hualing Steel revealed that it will invest RMB 1.84 billion ($288 million) to enhance its profitability.

According to the company's statement, in the context of Chinese government's tight monetary policy, soaring production costs and rapid introduction of new steel production capacities, Hualing Steel has successfully avoided greater losses in the given period