26
May
10:46
Angang Group’s profits halve in first quarter
China’s Anshan Iron & Steel on Wednesday released the operating results of its parent company Angang Group. Although revenues increased, rising costs halved its net profits compared to the same period in 2021, Kallanish notes.
In Q1, Angang Group’s operating income rose 9.07% to CNY 31.29 billion ($4.65 billion). However, operating costs grew by CNY 3.23 billion at the same time, compared to the increase of CNY 2.6 billion in income.
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