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Wuhan Steel 2007 net profit up 67.35% on higher output

(Agencies)
Updated: 2008-04-22 17:04

Wuhan Iron & Steel Co Ltd said net profit in 2007 rose 67.35 percent to 6.52 billion yuan ($932.43 million) on higher output and strong demand and prices, which offset the impact of rising raw material costs.

In its annual report filed with the Shanghai Stock Exchange, the company said it produced 11.65 million tons of pig iron and 11.9 million tons of steel in 2007, up 5.89 percent and 8.16 percent respectively, while steel products output was up 5.76 percent at 10.56 million tons.

Exports of steel products grew rapidly in the first half of 2007 but also declined sharply in the second half due to more restrictive export policy, the company said.

Operating revenue rose 26.08 percent to 54.16 billion yuan, while operating costs were up 20.96 percent at 44.72 billion yuan.

Prices of imported iron ore rose 9.5 percent in 2007, while the prices of transportation and other raw material, such as coal and coke, also continued to rise last year, it said.

Earnings per share came in at 0.832 yuan, up from 0.497 a year earlier.

For 2007, it plans to pay a dividend of 3.8 yuan in cash for every 10 shares held.

The company said demand and prices for steel products are expected to grow steadily in 2008, but it will face rising raw material prices - especially for iron ore - and stricter environmental requirements.

In 2008, Wuhan Iron and Steel aims to produce 14 million tons of pig iron, 14.5 million tons of steel and 13.22 million tons of steel products.

Operating revenue in 2008 is expected to reach 66.1 billion yuan, while operating costs are expected to come in at 53.2 billion yuan.

The company also set its fixed-asset investment target at 14.7 billion yuan in 2008.

In its first quarter financial results filed separately with the bourse, the steelmaker said operating revenue rose 24.11 percent year-on-year to 15.77 billion yuan, while the net profit was up 42.69 percent at 2.05 billion yuan.

Earnings per share in the first three months came in at 0.261 yuan, against 0.183 yuan a year earlier.