Puyang Refractories reports steep loss in 2016
Published: Monday, 24 April 2017
The Chinese company posted a drop in profits exceeding 300% owing to an underperforming steel market and lower demand from cement makers, while the raw materials divisions performed better.
Puyang Refractories Group Co., one of the leading
refractories manufacturers in China, posted a 17% drop in 2016
full year turnover to Chinese renminbi (Rmb) 2.34bn ($265.37m),
while net profit plummeted 378% year-on-year (y-o-y) to a loss
of Rmb 188.26m.
Puyang has two refractory divisions,one supplying the...