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Lion Industries 1Q loss widens to RM54m

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Lion Industries 1Q loss widens to RM54m

Post by Cals Wed 27 Nov 2013, 21:56

Lion Industries 1Q loss widens to RM54m

Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com

Wednesday, 27 November 2013 17:58

KUALA LUMPUR (Nov 27): Lion Industries Corp Bhd's net loss widened to RM54.33 million in the first quarter ended September 30, 2013 from a net loss of RM25.92 million a year earlier. This came mainly on a wider loss at its steel production unit.

In a statement to the exchange, Lion Industries said revenue fell to RM1.05 billion from RM1.12 billion.

"This (revenue decline) was mainly due to the lower sales registered by our building materials division. The group registered a higher operating loss of RM55.3 million largely due to the higher loss recorded by the steel division," Lion Industries said.

Its steel unit will be closely watched. The firm said the outlook for the steel sector is challenging on global economic uncertainties.

Lion Industries said the performance of its steel operations hinges on domestic construction activities and raw material prices. The raw materials include scrap and iron ore.

"Under such circumstances, the group's performance would remain challenging in the next quarter," Lion Industries said.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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