Chongqing Iron & Steel Co. Ltd. said its net profit for the first half to June came in at 392.56 million yuan (US$48.4 million), down 20.85 percent from 495.99 million a year earlier, due to rising costs of raw materials iron ore and coal.

The company's gross profit fell by 14.5 million yuan to 793.9 million from a year earlier, despite a 10 percent increase in the company's average selling price of steel.

(Shenzhen Daily September 5, 2005)