Baosteel H1 profits surge 89%

BEIJING -- Baosteel, China's biggest steelmaker, reported a net profit of 9.61 billion yuan ($1.53 billion) in the first half, up 89 percent from the same period last year, as the company sold some of its businesses.

The steel producer's revenues rose 29 percent from a year earlier to 98.1 billion yuan in the first six months of the year, with earnings per share standing at 0.55 yuan, according to the company's mid-year report released late Monday.

The company garnered 9.09 billion yuan by selling its stainless and special steel businesses in the first half. The deal drove the company's profits up by 81.7 percent, while its operating profits dropped 59.8 percent due to weaker market demand and steel product prices during the same period.

The company's share price surged by the daily limit of 10 percent to 4.48 yuan per share during Tuesday's morning trading.

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