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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

RMB 17.61 bln

9M Net Loss Attributable

RMB 304.2 mln


Analyst Coverage

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


Reuters Recommended Reads

  • Oct 28 - Sweden's SSAB Q3 revenue rises on higher prices and shipments

  • Oct 29 - China's Sinopec nine-month profit jumps, revenue rises 4.4%

  • Oct 29 - Sany Heavy Equipment 9M profit falls on lower government grants


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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