August 18 -- Laiwu Steel Corporation (600102.SH) posted a 27.09-percent decrease in net profit to 198 million yuan in the first half of 2011, reports Yicai.com, citing a company filing. Sales revenue in the same period was 22.82 billion yuan, with earnings per share (EPS) of 0.215 yuan, down 27.12 percent. All percentage changes cited in this article are year-on-year.

The company blamed the figures on global economic conditions and oversupply in the market. It cautioned that there is still a great deal of uncertainty in the market for the remainder of this year.

According to the China Iron and Steel Association, the average sales margin of its members was 3.14 percent in the first half, down 0.4 percentage point.

Source:capitalvue