Angang earnings soar after asset injection from parent

Angang New Steel, the publicly traded arm of China's second-largest steelmaker, said third-quarter net profit rose more than fourfold from a year earlier, boosted by an asset injection from its parent firm.

Net profit for the three months to September increased to 2.11 billion yuan from 491.2 million yuan under mainland accounting standards, the company said in a statement filed with the Shenzhen Stock Exchange yesterday.

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