From BigGo Finance · BigGo Finance · · 1m 10s
Taiwan's China Steel Reports Strong Quarterly Profit
Taiwan's China Steel posts NT$584 million September pretax profit, turning first three quarters into NT$4.3 billion gain.
In brief
Taiwan's China Steel posts NT$584 million September pretax profit, turning first three quarters into NT$4.3 billion gain. Taiwan's China Steel reported NT$584 million September pretax profit, a swing from year-earlier loss to NT$4.302 billion first-three-quarter profit. Originally reported by BigGo Finance.
China Steel Reports September Profit
China Steel reported preliminary September results with consolidated pretax profit of NT$584 million, a swing to profit from year-earlier loss.
First Three Quarters Show NT$4.3 Billion Gain
Cumulative first-three-quarter pretax profit reached NT$4.302 billion, a sharp improvement from NT$4.68 billion loss a year earlier.
September Revenue Up 27.1% Year Over Year
September consolidated revenue was NT$31.001 billion, up 10.9% month over month and 27.1% year over year, a 28-month high.
Operating Profit Down 40% Month Over Month
September consolidated operating profit was NT$470 million, down 40% month over month from August.
Key Reasons for Profit Shift
Lower unit margins in steel business offset by mining investment dividends drove profit swing.
Fourth Quarter Outlook
U.S. hot-rolled prices rising, EU market range-bound, and IMF growth forecast upgrade support full-year profit.
What matters most
Taiwan's China Steel reported NT$584 million September pretax profit, a swing from year-earlier loss to NT$4.302 billion first-three-quarter profit.
