The Hesteel Company Ltd. (HBIS) disclosed its unaudited preliminary financial reports today, indicating a 20 percent year-on-year growth in its net profits.
The total operating revenue of the steel manufacturer was up by 55.20 percent to stand at 115.703 billion yuan in 2017.
The earnings for 2017 were crippled by the government’s policies on cutting back excessive industrial capacities and environmental protection, HBIS explained, while the overall steel industry revenues had increased due to a steel price surge, it had led to a lower growth rate for the company when compared with the industry’s average.
The total operating revenue of the steel manufacturer was up by 55.20 percent to stand at 115.703 billion yuan in 2017.
The earnings for 2017 were crippled by the government’s policies on cutting back excessive industrial capacities and environmental protection, HBIS explained, while the overall steel industry revenues had increased due to a steel price surge, it had led to a lower growth rate for the company when compared with the industry’s average.
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