China's Baoshan Iron and Steel Co Ltd posted a 46 percent fall in net incom...
BEIJING - China’s Baoshan Iron and Steel Co Ltd posted a 46 percent fall in net income in the first quarter from a year ago, its first drop in profit since 2015, and said it expects lower revenue in 2019 citing China’s sluggish auto industry.
Revenue in the first quarter fell 3.1 percent from a year ago to 65.38 billion yuan, the company said. China’s automobile sales fell 11.3 percent in the first quarter from a year earlier, the China Association of Automobile Manufacturers said earlier this month.
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