Delong flags reduced Q1 profit on lower selling prices, higher costs

SINGAPORE - Chinese steelmaker Delong Holdings said on Thursday morning (May 2) that it expects to report a lower first-quarter net profit for the three months ended March 31, mainly due to a decrease in the average selling prices of products as well as higher cost of sales per tonne.

The profit guidance was issued after a preliminary review of Delong's unaudited results for the first quarter.

The mainboard-listed company will announce its first-quarter financial results on May 8.

Delong shares closed at $6.11 on Tuesday, up 29 cents from Monday's close at $5.82.