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Updated Friday, September 3, 2010 2:23 pm TWN, The China Post news staff

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China Steel's August pre-tax profit drops by 30.26 percent

TAIPEI, Taiwan -- China Steel, Taiwan's largest steelmaker, yesterday reported its pre-tax profit for August has dropped from July.

For August, the company posted pre-tax profit of NT$3.01 billion, a 30.26 percent decline from the NT$4.32 billion for July. The figure translated into pre-tax profit of NT$0.22 per share for August.

The steelmaker attributed the decline to fulfillment of orders for high-end steel products, as well as reduced prices for September, which took effect retroactively.

From January to August, the company posted pre-tax profit of NT$34.78 billion, or NT$2.56 a share.

The company however posted stellar revenue for August at NT$22.23 billion, a year-over-year increase of 68.1 percent. The firm has generated NT$156.762 billion in sales from January to August.

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