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HK Bourse: Announcement From Xiwang Special Steel Co. Ltd.

16 Oct 2017 4:04 am
 
    Following is the related link: 
http://www.hkexnews.hk/listedco/listconews/sehk/2017/1016/LTN20171016205.pdf 
 
 
             POSITIVE PROFIT ALERT IN RESPECT OF 
                  THE THIRD QUARTER OF 2017 
 
 This announcement is made by the Company pursuant to Rule 13.09(2) of the Listing 
 Rules and the Inside Information Provisions under Part XIVA of the Securities and Futures 
 Ordinance (Cap. 571, Laws of Hong Kong). 
 
 The Board wishes to inform the shareholders of the Company and potential investors that 
 based on the preliminary assessment of the unaudited consolidated management accounts 
 of the Group for the nine months ended 30 September 2017, which have not been reviewed 
 or audited by the independent auditors and/or the audit committee of the Company, the 
 consolidated profit attributable to the shareholders of the Company for the nine months 
 ended 30 September 2017 is expected to increase by more than 140% as compared with that 
 for the nine months ended 30 September 2016. 
 
 Shareholders and potential investors are advised to exercise caution in dealing in the 
 securities of the Company. 
 
This announcement is made by Xiwang Special Steel Company Limited (the "Company", and 
together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing 
the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") 
and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance 
(Cap. 571, Laws of Hong Kong). 
 
 
 
 
                                                 1 
The board (the "Board") of directors ("Directors") of the Company wishes to inform the 
shareholders of the Company (the "Shareholders") and potential investors that based on the 
preliminary assessment of the unaudited consolidated management accounts of the Group 
for the nine months ended 30 September 2017, which have not been reviewed or audited by 
the independent auditors and/or the audit committee of the Company, the consolidated profit 
attributable to the shareholders of the Company for the nine months ended 30 September 2017 
is expected to increase by more than 140% as compared to the corresponding period of last 
year (nine months ended 30 September 2016: approximately RMB225 million (unaudited)). 
 
The increase in the net profit attributable to the shareholders of the Company for the nine 
months ended 30 September 2017 was due to: 
 
(1)   on the supply side, the favourable government policies on prohibiting the use of 
      intermediate frequency furnace and on alleviating overcapacities of the steel industry 
      have resulted in a significant decrease in production capacities of certain steel 
      enterprises. Meanwhile, the national supervision on environmental inspection has been 
      strengthened and certain enterprises which failed to meet the environmental standards 
      were ordered to close down, leading to a decrease in steel supply; 
 
(2)   on the demand side, the approval by the government on numerous infrastructure projects, 
      frequent construction activities and steady demand from the property development 
      industry have caused the demand on steel to increase further and the steel price to rise 
      persistently; and 
 
(3)   factors, such as, persistent rise in steel price, growth in revenue and moderate increase 
      in raw material price, lead to an increase in our profit margin along with an increase in 
      gross profit of steel. 
 
The information contained in this announcement is only a preliminary assessment by the 
management of the Company based on the unaudited consolidated financial statements of the 
Group, which have not been reviewed or audited by the Company's auditors and the actual 
results of the Group may be different from those disclosed in this announcement. 
 
Shareholders and potential investors are advised to exercise caution in dealing in the 
shares of the Company. 
 
 
 
Source: Hong Kong Exchanges & Clearing 
 
 

(END) Dow Jones Newswires

October 16, 2017 00:04 ET (04:04 GMT)
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