By Lisa Wang / Staff Reporter
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China Steel Corp (CSC, 中鋼), the nation’s biggest steelmaker, yesterday reported a 55 percent month-on-month slump in pretax profit for last month, as sliding steel demand in Asia drove lower gross profit.Pretax profit dipped to NT$655 million (US$20.52 million) from a 47-month high of NT$1.47 billion in June, snapping three consecutive months of growth, the company said in a statement.Operating profit plummeted 84 percent month-on-month to NT$241 million from NT$1.52 billion, it said.
The logo of China Steel Corp is pictured outside the company’s headquarters in Kaohsiung on June 19 last year.
In the first seven months of the year, cumulative pretax profit improved to NT$2.99 billion, reversing a pretax loss of NT$2.41 billion in the corresponding period last year, while operating profit rose to NT$3.29 billion from a loss of NT$2.27 billion a year earlier, the company said.Over the same period, revenue rose 3 percent to NT$197.72 billion from NT$192.66 billion, and shipments increased 2 percent to 4.45 million tonnes from 4.36 million tonnes, it said.
