In a statement to the Shenzhen Stock Exchange, the Hunan-based company amended last year's net profit from losses of 220 million yuan (32 million U.S. dollars) to gains of 100 million yuan. The revised profit was still 89 percent less than 953 million yuan in 2008.

Valin also amended its earnings per share from minus 0.08 yuan to 0.04 yuan in 2009.

The profit rise was attributable to the greater-than-expected rise in domestic steel prices in the last quarter of 2009 and good control of production cost, the statement said.

Valin's shares opened at 6.15 yuan on Thursday, the same as the previous close. It then dipped 1 percent before rising to end at 6.21 yuan at the midday closing.