Gem-Year (China) Sales of Railway Fasteners Down in H1 2020
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Gem-Year Industrial's revenue in the first half of 2020 landed at RMB 1,011,185,581, down 38.55% over the last same period. Net profit at RMB 54,198,829, down 33.64%. Net assets at RMB 3,471,963,337, up 27.84%.
The downward revenues were mainly due to declined sales of railway fasteners. Additionally, Q1 revenue plummeted 71.59% as a result of the pandemic impact, but the revenue in Q2 grew 19.64% from resumed production. Railway fastener shipment in Q1 was subject to the pandemic but came back to normal in Q2.