BEIJING (XFN-ASIA) - Tangshan Iron & Steel Co Ltd (SZA 000709) said it posted a net profit of 2.14 bln yuan in 2007, up 50.9 pct year-on-year, on the back of reduced operating costs.
The company booked operating revenues of 41.79 bln yuan last year, a rise of 38.5 pct from a year earlier, the company said in a statement filed with the Shenzhen stock exchange.
Earnings per share stood at 0.95 yuan, up from 0.63 yuan a year earlier.
The company produced 9.35 mln tons of iron last year, up 1.43 pct year-on-year, while steel output rose 7.35 pct to 10.84 mln tons, and steel products output grew 18.77 pct to 10.41 mln tons.
Looking ahead, the company said it faces challenges from rising raw materials costs and the government's monetary tightening policies.
The firm is targeting 12.3 mln tons of iron, 12.4 mln tons of steel and 10.94 mln tons of steel products this year.
( 1 usd = 7 yuan )
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