Angang Steel (00347) said it reported a net loss attributable to the shareholders of Rmb615 million for the first quarter of 2016, as compared to the net profit of Rmb19 million for the same period last year.
Basic and diluted loss per share was Rmb8.5 cents.
Operating revenue was Rmb11,274 million, a decrease of 24.64% from a year earlier.
The loss was mainly because even though the environment of the steel market had improved as compared to the fourth quarter last year and there was a slight increase in steel price, the decrease was still greater as compared with the corresponding period of the previous year while the decrease in fuel price was less than the decrease in steel price which squeezed the profit margin of Angang Steel.
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