Baosteel said the company posted a net profit of RMB 1.22bn ($192.7M) for the three months ended March 31, 2012. However, the first-quarter net profit is 60% down from the RMB 3.07bn ($485M) a year earlier, weighed by weakened demand from auto-making and construction sectors amid a macro-economic slow-down.

The company’s first-quarter revenue stood at RMB 47. 42bn ($7.49bn), down 12% y-o-y from the RMB 54.02bn ($8.53bn) a year earlier.

Despite of a lower net profit, Baosteel’s Q1 performance stands out as better among its domestic peers as sluggish market demand and mounting raw material costs have long weighed on the profitability of China’s iron and steel sector.
Source: China Metals e-mail