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Southern Steel 3Q net profit drops 60% on lower margins
by Cals Thu 01 May 2014, 01:48
| Southern Steel 3Q net profit drops 60% on lower margins |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Wednesday, 30 April 2014 18:09 KUALA LUMPUR (Apr 30): Southern Steel Bhd’s net profit for its third quarter (3QFY14) dropped 60% to RM7.7 million from RM18.8 million a year earlier. According to its statement to the bourse, revenue fell by 3% to RM706.1 million from RM725.0 million in the previous year’s same quarter. The group’s profit before tax (PBT) declined to RM10.6 million versus RM25.3 million in the previous same quarter. “The lower PBT during the quarter under review as mainly due to lower margins as a result of lower selling prices as compared with the corresponding quarter of FY13,” said Southern Steel. For the nine months to March 31, 2014, net profit was lower at RM5.6 million from RM18.0 million in the previous corresponding period, while revenue decreased to RM2.09 billion from RM2.12 billion. Going forward, the group expects its performance in the fourth quarter to continue improving despite softer selling prices, on the support of sustained local demand. |
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