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CSC Scores NT$7.167 Bn. in Pretax Profits for Jan.-Apr.

May 16, 2014 | By Steve Chuang

Benefiting from the gradually stabilized international market for steel, Taiwan-based China Steel Corp. (CSC), the island's larges steelmaker by size, reported cumulative pretax profits of NT$7.167 billion (US$238.9 million), or NT$0.47 per share, for the first four months of this year.

The firm's latest financial report shows that its consolidated pretax profits in April hit a new high of NT$2.094 billion (US$69.8 million) this year, while operating incomes totaled NT$2.16 billion (US$US$72 million) for a 21% surge over a month ago.

CSC indicated that its gross profit rate in the month rose from March primarily because of lower costs of coal and iron ore along with steel prices trending upward, despite sales volume slightly dropping.

On CSC's business prospects in the rest of the second quarter, institutional investors commented that its performance is likely to increasingly gain growth momentum for some reasons, including the planned resumption of suspended production due to periodical maintenance at its No.1 furnace in mid-May, an strong influx of orders received so far, and a total of six furnaces (including those owned by its subsidiary, Dragon Steel Corp.) scheduled to fully run in June.

With the international steel market gradually turning bullish, institutional investors project CSC's consolidated pretax profits for the first half of the year to reach NT$11 billion (US$366.66 million).

Noteworthy is that the board just approved an investment of NT$872.5 million (US$29.083 million) to set up a new subsidiary for finishing steel plates and wire rods and contract manufacturing, mainly for the parent company, titanium-nickel alloy and special steel alloys. (SC)


CSC's Pretax Profit-per-Share by Month
Month
Nov., 2013
Dec., 2013
Jan., 2014
Feb., 2014
Mar., 2014
Apr., 2014
Pretax Profits per Share
NT$0.11
NT$0.08
NT$0.09
NT$0.09
NT$0.13
NT$0.14
Source: China Steel Corp.


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