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08-04-08, 19:08
China's Xinjiang Bayi Steel sees Q1 net profit up over 150 pct on higher prices

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BEIJING (XFN-ASIA) - Xinjiang Bayi Iron & Steel Co Ltd (SHA 600581) said first quarter net profit is expected to have risen by over 150 pct year-on-year on surging steel product prices and higher output.

The steelmaker had a net profit of 39.61 mln yuan in the first quarter of 2007, with earnings per share of 0.07 yuan.

Xinjiang Bayi Iron & Steel is indirectly controlled by Baosteel Group, China's largest steel producer.

The company is scheduled to release its first quarter results on April 23.

(1 usd = 7.0 yuan)
http://www.iii.co.uk/news/?type=afxnews&articleid=6644237&subject=companies&action=article