General Steel Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
August 20, 2015 at 06:00 am EDT
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General steel holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the second quarter, the company reported sales were $454,855,000 compared to $508,637,000 a year ago. Loss from operations was $1,008,022,000 compared to income of $6,325,000 a year ago. Loss before provision for income taxes and non-controlling interest was $1,034,192,000 compared to $16,435,000 a year ago. Net loss attributable to company was $615,027,000 or $9.80 basic and diluted per share compared to $11,019,000 or $0.20 basic and diluted per share a year ago. The year-over-year sales decrease was primarily due to the significant decreases in the average selling price of rebar, partially offset by the higher sales volume.
For the six months, the company reported sales were $725,624,000 compared to $1,020,642,000 a year ago. Loss from operations was $1,063,734,000 compared to $37,338,000 a year ago. Loss before provision for income taxes and non-controlling interest was $1,108,271,000 compared to $86,026,000 a year ago. Net loss attributable to company was $660,180,000 or $10.58 basic and diluted per share compared to $54,583,000 or $0.98 basic and diluted per share a year ago. Net cash used in operating activities was $247,546,000 compared to net cash provided by operating activities of $121,657,000 a year ago. Equipment purchase and intangible assets was $40,174,000 compared to $112,713,000 a year ago.
General Steel Holdings, Inc., through its subsidiary, General Steel Investment Co., Ltd., operates steel companies serving various industries in the People's Republic of China (PRC). The Company manufactures and sells steel products, such as steel rebar, hot-rolled carbon and silicon sheets and spiral-weld pipes. The Company sells its products primarily to distributors and related parties. The Company has controlling interests in a trading subsidiary and an Internet-of-things subsidiary: Tianjin Shuangsi Trading Co., Ltd. (Tianjin Shuangsi) and Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (Tongyong Shengyuan). Tianjin Shuangsi is a trading company that primarily trades iron ore, nickel-iron-manganese alloys and other steel-related products. Tongyong Shengyuan is a holding company of Tianjin Shuangsi.