ZYSS 2005 First-Half Report

Resource from: cbcc-yinx Likes:2968

Dec 30,2005

Zhengzhou Yongtong Special Steel(Hongkong exchange: 2889) annuounced their 2005 first-half report. Net profit increased by 1% from last year, to 63.356million yuan; operating margin increased by 12% to 424 million yuan. Mr. Dong shutong, chairman and CEO of ZYSS, said that they will face price slide in future, but some cost-lowering and capacity increasing program will offset it to some extent. Bearing steel products are the chief income source for ZYSS. Now the bearing steel products/total sales ratio which formerly over 74%, have increased to 92%. Since the company publicly traded in HongKong Exchange in May 2005, they have gradually repaid their debt. So their rate of debts have been dramatically declined from last years' 96% to 36% now. Forecast the future, the company said that their sales in the second half 2005 will increased by at least 20%, comparing with the first half. They predict a 50 million yuan's expenditure in the next half.

(cbcc-yinx)

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