Three quarterly reports of listed companies are disclosed. Although since 2014, the relative to the liquidity tight period last year, the market interest rates have plunged, however, as a representative of the “assets” of steel and coal shares, financial costs have continued to rise.
The iron and steel industry, in contrast, profits have improved, but the coal enterprise is still in the trough. Analysts believe that 2014 years ago in the third quarter, with the downside of the economic growth, iron and steel stocks, coal stocks most of these companies are also in the “to” capacity in the process, because money is tight borrowing continues to increase, financial expenses remain naturally, this also) to meet the growing demand for the future after the economy improves.
Angang steel three quarterly reports show that in the third quarter revenue reached 19 billion yuan, declined by 1.19% year-on-year, but the quarter net profit attributable to shareholders of listed companies is 346 million yuan, up 449.21% year-on-year, which help the company in the first three quarters of this year net profit attributable to shareholders of listed companies increased to 923 million yuan, increased by 20.65% year-on-year.
But a big iron and steel enterprise financial cost increase is still worrying, in the first three quarters of angang financial expenses greatly increased from 235 million yuan to 314 million yuan, anshan iron and steel shares, according to the financial expenses during the reporting period year-on-year increase of 79 million yuan, the main reason for the increased borrowing, is a company bank loan interest rate increase, the second is the company’s discount rate increases. Descibes shares financial cost increased from 118 million yuan to 118 million yuan.
A steel industry analyst for the “first financial daily” said that from the current steel industry overall, because of the iron ore prices fell sharply, the output of the whole steel industry overall is still keep rising trend, while steel prices still the downturn, but some companies benefit from a significant improvement. But from the point of “steel” event, the industry has come to the worst, the possibility of future continue to slip is limited, and there have been signs of improvement, the real estate market in the future iron and steel shares will have a certain margin of safety.
For the rise in the cost of financial, the analysts said steel strands is always heavy industry assets, and the future will also continue to have the chance to industry consolidation, so some big enterprises have the restructuring of capital reserves, this is about to increase lending to realize the potential of merger, acquisition and reorganization, to cope with possible future demand also increase.
Compared with the steel strands, the upstream resources of heavy industry coal stock assets, were not so lucky, China shenhua, China coal energy performance are varying degrees of decline; But yanzhou are realized the profit in the first three quarters, mainly because the one-off asset impairment losses fell sharply from 2.268 billion yuan to 107 million yuan. But in the third quarter net profit fell nearly forty percent, and both equally bad.
China shenhua energy, according to the revenue decline, because coal and electricity price, the business volume to drop, but goods trade volume increases; China coal energy, according to the business profits plunged more than seventy percent, is mainly affected by the market, sales and profits fell.
Compared with overseas mining business more coal enterprises, financial cost changes not only depends on the size of the loan, also depends on the exchange gains and losses; China shenhua energy, said in the first three quarters of the financial costs increased by 24.5% to 2.22 billion yuan, mainly because of the yen loan exchange earnings decline. Yanzhou in the decline of the financial cost, fell 64.66% to 1.12 billion yuan, yanzhou said that in the first three quarters of exchange earnings of $67.364 million, a year ago exchange loss 2.0304 billion yuan.
And China coal energy, the company’s financial costs soared 238.7% to 1.324 billion yuan, the company said the main is servicing the debt increases and affiliated enterprise’s part of the project under construction is to make the expenses increased interest.