Maanshan Iron and Steel profit plunges by 81pc to 1.1b yuanBusiness | 31 Mar 2020 5:30 pm
State-owned Maanshan Iron and Steel (0323) said net profit plunged by 81 percent on-year to 1.13 billion yuan (HK$1.24 billion) last year.
This was attributed to higher prices for fuels and raw materials and lower steel prices and gross margin of steel products.
Earnings per share were 14.7 fen and the company declared a final dividend of 8 fen.
Revenue fell by 4.5 percent from a year ago to 78.3 billion yuan in 2019. Iron and steel revenue was 71.76 billion, falling 5.82 percent year-on-year.
Shares of the company dropped by 1.22 percent to HK$2.43.