August 23 -- Sansteel Minguang, a maker of steel wires and screw thread steel, posted a 108.09 percent year-on-year increase in net profit to 151 million yuan in the first half of 2011, with earnings per share of 0.283 yuan, reports p5w.net, citing a company filing.

Sales revenue rose 24.99 percent year-on-year to 9.471 billion yuan.

The company attributed the increase in net profit to the 0.25 percentage rise in the gross margin of its business.

Sansteel Minguang predicts a 210-240 percent year-on-year increase in net profit to 246-269 million yuan in the first three quarters of 2011.