Xinjiang Bayi Iron and Steel Co., Ltd, a listed arm of Baoshan Iron and Steel Group, earned 1.17 billion yuan of net profit in 2017, soaring over 31 times compared with the year-ago level, said the company in its annual results on March 12.
Its operating revenue stood at 16.76 billion yuan last year, climbing 69.44% from the year prior, it said.
The company produced 5.16 million tonnes of crude steel in the year, completing 103.2% of its target for the year; output of steel products reached 4.93 million tonnes, accounting for 102.71% of the goal.
The results contributed 16.76 billion yuan of operating revenue last year, taking 128.41% of the planned revenue of 13.05 billion yuan.
It plans to produce 5.7 million tonnes of iron, 6.3 million tonnes of crude steel and 6.1 million tonnes of steel products in 2018 and realize operating revenue of 21.1 billion yuan.
(Writing by Tammy Yang Editing by Jessie Jia)
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