HomeProduct Complimentary download Bayi Steel revises 2011 net profit up to CNY 482 million

Bayi Steel revises 2011 net profit up to CNY 482 million

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Publish time: 28th March, 2012      Source: ChinaCCM
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It is reported that Xinjiang Uyghur autonomous region-based Chinese steelmaker Bayi Iron and Steel Co a subsidiary of major Chinese steel group Baosteel has revised its financial figures for 2011.

Accordingly, its net profit for 2011 has been revised to CNY 482 million down 3.63% as compared to 2010. The initial net profit figure of Bayi Steel for 2011 was CNY 424 million.

Bayi Steel stated that the revision of the net profit figure was due to the reduction in the corporate tax rate from 25% to 15%