Xinxing Ductile Iron Pipes: yearly net profit expects to rise 50%

Oct. 20 MetalBiz--Due to a year-on-year increase in main products' gross profit and the corresponding revenue flow from buying 40% shareholding of Wuhu Xinxing, the net profit of Xinxing Ductile Iron Pipes (000778.SZ) in the first three quarters significantly rose year on year.

On the evening of October 19, Xinxing Ductile Iron Pipes released the third-quarter report, which showed that the company achieved the business revenue of 7.525bln yuan in the third quarter, up by 41.41% on a yearly basis; the net profit for 338mln yuan, up by 221.05% year on year. In the first three quarters, the total business revenue and net profit were 19.936bln yuan and 810mln yuan, and the year-on-year growth extent slightly slid, being 25.16% and 63.68%, respectively.

Xinxing Ductile Iron Pipes expected that the net profit in the full year of 2009 is above 850mln yuan, up by over 50% year on year.