Shanxi Taigang Stainless’ net profit drops in H1 2020 due to decreased demand
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Update time : 2020-08-24 16:34:37
Shanxi Taigang Stainless Steel Co., Ltd., a leading stainless steel manufacturer in China, posed its operating income of RMB 32.84 billion in the first half of this year, dropping by 5.28% compared to the same period a year ago. The firm’s net profit attributable to shareholders was RMB 590 million, a year-on-year decrease of nearly 50%. The basic earnings per share (EPS) were RMB 0.104.
Due to the spread of the COVID-19 epidemic since the beginning of this year, the market of stainless steel raw materials and products have changed greatly, which decreased the demand for stainless steel from downstream buyers.
