China's Baosteel 2012 profit up 41 pct on one-off asset sale

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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China's Baosteel 2012 profit up 41 pct on one-off asset sale

posted on Apr 01, 2013 08:06AM

China's Baosteel 2012 profit up 41 pct on one-off asset sale

(Reuters)
Updated: 2013-04-01 09:48
Counter: 27

China's Baoshan Iron & Steel (Baosteel), the country's largest listed steelmaker, posted a 41 percent rise in 2012 net profit, helped by a one-off sale of some unprofitable assets, the firm said on Friday.

Net profit was 10.39 billion yuan ($1.67 billion), compared with 7.36 billion yuan a year earlier, the Shanghai-based company said in a filing to the Shanghai Stock Exchange.

Baosteel had said it expected its 2012 net profit to rise about 40 percent to 10.3 billion yuan.

($1 = 6.2143 Chinese yuan)

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