August 24, 2017 / 10:53 AM / in 6 months

China's Baoshan first half profit hits highest in 5 years

BEIJING (Reuters) - China’s largest steel listed producer Baoshan Iron and Steel Co Ltd (600019.SS), known as Baosteel, reported a 65 percent surge in net profit in the first half of the year thanks to soaring prices and better-than-expected summer demand.

    The company posted a net profit of 6.2 billion yuan ($930.86 million) for the six months, up from 3.68 billion yuan in the same period last year.

    That is the best six-month profit since at least the second half of 2012. Its revenue rose 106.6 percent to 169.93 yuan from a year earlier.

    Reporting by Muyu Xu and Josephine Mason; Editing by Keith Weir

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