Thanks mainly to improved operational efficiency and low material costs, the Taiwan-based China Steel Corp. (CSC), the island's largest steelmaker, posted better-than-expected performance in October.
The CSC's latest financial report shows that consolidated revenue declined 1% month-on-month (MoM) to NT$30.688 billion (US$1.02 billion) but rose 3.35% year-on-year (YoY), with operating profits up a sharp 17% MoM to NT$3.312 billion (US$110.4 million). The month's pretax profits edged down 1% to NT$2.941 billion (US$98.03 million), but soared 30.65% YoY.
While institutional investors generally feel that the company deserves credit for reaching the robust performance needed to keep it in good shape amid lingering uncertainty in the global steel market, the company attributes the achievement largely to a payoff of its year-long effort to improve operational efficiency along with falling raw materials prices.
Another factor in the CSC's good October performance was strong sales of carbon steel, which grew 14,431 tons over September to reach some 850,000 tons. Of that total, 64% was sold to domestic downstream manufacturers and the remainder exported.
For the first 10 months of this year the firm's cumulative pretax profits totaled NT$23.207 billion (US$773.56 million), or about NT$1.4 per share, an improvement of 14.37% YoY. Sales of carbon steel during the period amounted to around 8.12 million tons. The firm is expected to continue performing well through the end of the year. (SC)
|CSC's Revenue in 2014 by Month|
|| Consolidated Revenue
|| YoY Growth Rate
|| NT$32.313 Bn.
|| - 6.01%
|| NT$28.559 Bn.
|| NT$31.543 Bn.
|| NT$30.762 Bn.
|| NT$31.012 Bn.
|| NT$30.386 Bn.
|| NT$30.642 Bn.
|| NT$30.768 Bn.
|| NT$30.857 Bn.
|| NT$30.687 Bn.
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