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PrintChina Knowledge reported that Chinese steelmaker Hunan Valin Steel Co Ltd net profit may reach CNY 100 million last year, thanks to the higher than expected domestic steel prices and its effective cost control measures.
The figure was 89% lower than the CNY 953 million the firm recorded in 2008. Previously, the company predicted that it may report a net loss of CNY 220 million for 2009.
Mr Li Xiaowei president without disclosing the timetable of the planned IPO said Hunan Valin Steel also forecast its earnings per share last year were CNY 0.04, compared with CNY 0.08 loss per share it predicted earlier
State-owned steelmaker Hunan Valin Iron and Steel Group, the parent of Hunan Valin Steel plans to raise between CNY 8 billion and CNY 10 billion from an initial public offering on the Hong Kong Stock Exchange
Sourced from China Knowledge
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