Jiangsu Province-based Shagang Co., Ltd. (Shagang) has announced that its net profit amounted to RMB 68.6568 million ($9.5 million) in the January-March period this year, up 37.56 percent year on year.
In the given quarter, Shagang registered an operating revenue of RMB 3.495 billion ($0.49 billion), down 7.17 percent year on year.
Cost control and operational efficiency contributed to the rise in the company’s net profit in the first three months this year.
$1 = RMB 7.2098