Delong Q2 net profit slides 38% despite higher hot rolled coil sales.
MAINBOARD-LISTED steelmaker Delong saw profits sink in the second quarter on thinner margins, research and development costs, and bank borrowings.
Revenue was lower by 8.1 per cent year-on-year at 3.45 billion yuan, despite higher hot rolled coil sales, as the average selling price of the hot rolled coil decreased. Earnings per share stood at 2.72 yuan, down from 4.40 yuan in the year prior, while net asset value was 59.27 yuan a share, against 55.17 yuan as at Dec 31, 2018.For the six months, net profit fell by 41.1 per cent to 450.7 million yuan, even as revenue ticked up by 2.9 per cent to 6.9 billion yuan.
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