Xingda profits fall on modest sales increase

ERJ staff report (DS)

Hong Kong – Gross profits at Chinese steelcord maker Xingda International Holdings fell by 20 percent, despite a small increase in sales for the 12 months to December 2011.

The company said in a detailed report that sales increased by 2.2 percent to RMB 5551 million (euro 665 million), but gross profit fell to RMB 1298 million from RMB 1636 million in 2010. According to data from CRIA, Xingda figures are slightly higher than equivalent numbers from Bekaert, but otherwise similar.

During the…

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