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CSC Steel posts lower Q1 pre-tax profit
by hlk Fri 11 May 2012, 19:30
CSC Steel Holdings Bhd's profit before tax for the first quarter ended March 31, 2012 decreased by RM24.1 million or 75.7 per cent to RM7.75 million from RM31.9 million in the corresponding quarter last year.
Revenue reduced to RM242.19 million from RM308.4 million previously, according to its filing to Bursa Malaysia today.
It attributed the decrease in revenue and profit before tax to the significant decrease in sales volume of all its steel products albeit at marginally higher average selling price.
CSC Steel said the steel market sentiment for the first quarter of 2012 was about the same as the fourth quarter of last year as the steel demand was still relatively weak.
Although steel prices had bottomed out in January, the rising momentum was not strong enough and this had given the Group a tough call to further lift the steel prices.
CSC Steel foresees market sentiment to remain weak in the second quarter, with external factors such as the slowdown in China’s economic growth and the on-going European debt crisis likely to adversely affect the buying sentiment globally. -- Bernama
Revenue reduced to RM242.19 million from RM308.4 million previously, according to its filing to Bursa Malaysia today.
It attributed the decrease in revenue and profit before tax to the significant decrease in sales volume of all its steel products albeit at marginally higher average selling price.
CSC Steel said the steel market sentiment for the first quarter of 2012 was about the same as the fourth quarter of last year as the steel demand was still relatively weak.
Although steel prices had bottomed out in January, the rising momentum was not strong enough and this had given the Group a tough call to further lift the steel prices.
CSC Steel foresees market sentiment to remain weak in the second quarter, with external factors such as the slowdown in China’s economic growth and the on-going European debt crisis likely to adversely affect the buying sentiment globally. -- Bernama
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