Posted on 08 Nov 2021
China Steel Corp (CSC, 中鋼), the nation’s largest steelmaker, reported NT$19.76 billion (US$708.7 million) in net profit for last quarter from a loss of NT$696.69 million a year earlier, as strong demand boosted prices.
That translated into earnings per share of NT$1.28, marking an all-time high. The company lost NT$0.04 in the third quarter last year.
Gross margin surged to 22.3 percent last quarter from 3.9 percent in the third quarter last year, the steelmaker’s financial statement showed.
Net profit for the first three quarters improved to NT$44.5 billion, or earnings per share of NT$2.88, compared with a loss of NT$4.36 billion, or a loss per share of NT$0.28, in the same period last year.
Revenue for the first three quarters soared 49.16 percent to NT$338.85 billion from NT$227.18 billion a year earlier.
Product prices stayed flat last month and this month, but due to a modest increase in prices for items priced quarterly and anticipated strong demand, fourth quarter revenue is expected to expand.
The company said it also expects its Malaysian and Indian subsidiaries to contribute more to sales as the COVID-19 situation becomes less acute.
CSC yesterday unveiled a plan to upgrade a steam turbine generator at the cost of NT$3.28 billion, with 70 percent from the company’s operating capital and the rest from loans.
The investment would increase the efficiency of its generator and also be an opportunity to improve anti-pollution measures that are in line with its environmental, social and governance goals.
After upgrading the steam turbine generator, CSC would be able to generate up to 54.9 percent of its own electricity, up from 43.5 percent, the company said.
It would also be able to decrease its carbon dioxide emissions by 140,000 tonnes per year, it added.
Source:Taipei Times
