15
Apr
11:32
HBIS suffers drop in profit
Hebei Iron & Steel Company (HBIS) expects to report a 33.33% year-on-year drop in its net profit in 2020 to CNY 1.698 billion ($260 million), it says in a stock exchange filing seen by Kallanish.
The firm says annual operating income was CNY 107.657 billion, down 11.39% on-year. The Covid-19 pandemic impact and relocation of its Tangshan subsidiary mainly caused the decline, it notes.
HBIS predicted profit in the first quarter was nearly double Q1 2020. …
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