This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Precision Steel 4Q Profit Plunges 61 Percent

HARTFORD, Conn. (AP) ¿ China Precision Steel Inc. said Tuesday its fourth-quarter profit plunged 61 percent as margins were squeezed by rising raw material prices, but said the steel industry is showing signs of improvement.

Net income for the quarter ended June 30 was $2.2 million, or 5 cents per share, down from $5.6 million, or 12 cents per share, a year earlier.

Revenue decreased 10 percent to $25.7 million from $28.6 million in the year-ago quarter.

The company said margins declined due to the higher cost of raw materials related to an inventory build-up in the first half of 2008 with high demand and steel prices. Then selling prices declined sharply amid the industry downturn, resulting in tighter margins, the company said. Its gross margin fell to 9 percent, from 19.2 percent, in the year-ago period.

Revenue for the quarter benefited from a $3.2 million subcontracting order that represented 14.8 percent of sales.

For the full year, the Shanghai-based company posted a loss of $408,338, or 1 cent per share, compared with a profit of $18.6 million, or 43 cents per share, in the same quarter in 2008.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CPSL $0.06 15.16%
AAPL $95.18 1.60%
FB $117.44 -0.95%
GOOG $692.33 -0.84%
TSLA $232.32 -3.92%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs