China Maanshan Iron 2005 Net Pft CNY2.91 Bln, Down 19%
Chinese steel producer Maanshan Iron & Steel Co. (0323.HK) said Tuesday its 2005 net profit fell 19% from the previous year.
HONG KONG (Dow Jones)--Chinese steel producer Maanshan Iron & Steel Co. (0323.HK) said Tuesday its 2005 net profit fell 19% from the previous year.
Its net profit last year totaled CNY2.91 billion, down from CNY3.59 billion in 2004.
The result was lower than the average estimate of CNY3.07 billion in a Thomson Financial survey of 21 analysts.
The company didn't give an explanation for the result in a brief statement filed to the Hong Kong stock exchange. It is scheduled to hold a press conference Wednesday.
Its revenue rose to CNY32.08 billion from CNY26.77 billion in 2004.
The company recommended a final dividend of CNY0.16 a share, down from CNY0.22 a share the year before.
Maanshan Iron produces a wide range of products, including sections, wire rod, medium and thick plates, and train wheels and tires.
Maanshan Iron's larger rival Angang New Steel Co. (0347.HK) said Monday its net profit last year rose 18% to CNY2.12 billion, from CNY1.80 billion in 2004.
