China's Chongqing Iron nine-month revenue falls 7.8% on lower billet prices

Overview

• China steelmaker's nine-month revenue fell 7.8% yr/yr, net loss widened

• Company cites lower billet prices and higher raw material costs for increased losses

• Company completed deregistration of special accounts for raised proceeds in Q3

Outlook

• Company did not provide specific guidance for future quarters or the full year in its press release

Result Drivers

• LOWER BILLET PRICES - Co said sales prices of commodity billet decreased year-on-year, contributing to increased losses

• HIGHER RAW MATERIAL COSTS - Co said procurement cost of raw materials increased, adding to losses

Key Details

Analyst Coverage

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)