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Delong announces profit guidance for Q4 2017, FY2017

DELONG Holdings is expecting to report a "significant increase in net profit" in the three-month period and 12-month period ended Dec 31, 2017, the steel manufacturing and trading firm said in a Singapore Exchange filing on Tuesday evening.

Delong said that this is due to a significant increase in average selling prices amid tighter supplies following production cuts and increased infrastructure and construction activities in the PRC.

It will be partially offset by a decrease in contributions arising from a subsidiary which ceased steelmaking operations in August 2017.

Delong will announce its results for Q4 2017 and FY2017 on Feb 27.