CITIC Pacific's Q1 net profit falls 24% on year

CITIC Pacific Special Steel Group Co (CITIC Pacific), China's leading special steel producer, posted a 24% on-year decline in its net profit during this year's first quarter, according to the company's latest quarterly report released on April 22. The steelmaker attributed the fall in profits to the "effect of the (steel) industry environment" but did not elaborate.

Headquartered in Wuxi in East China's Jiangsu province, CITIC Pacific secured a net profit of Yuan 1.48 billion ($214 million) over January-March, the release showed. Meanwhile, the special steel giant saw its business revenue increase by 13.7% on year during Q1 to approximately Yuan 28 billion, according to the report. CITIC