KUALA LUMPUR (Jan 31): SOUTHERN STEEL BHD [] swung into the red with losses of RM5.52 million in the second quarter ended Dec 31, 2011 due to lower margins and foreign exchange translation losses.
It said on Tuesday that its revenue and loss before tax were RM928.84 million and RM6.40 million respectively as compared with the preceding quarter’s revenue and profit before taxation of RM734.0 million and RM17.3 million.
“The higher revenue in current quarter was mainly due to higher export volume and a loss was recorded as a result of lower margins,” it said. Loss per share was 1.3 sen. According to the notes to its accounts, there was a forex loss of RM5.46 million in the second quarter
Southern Steel said there were no comparative figures disclosed for the preceding year’s corresponding period following the change in financial year end from Dec 31, to June 30, during the preceding 18 months’ period ended June 30, 2011.
For the six-months period, it posted net profit of RM10.52 million on the back of revenue of RM1.66 billion.
It said on Tuesday that its revenue and loss before tax were RM928.84 million and RM6.40 million respectively as compared with the preceding quarter’s revenue and profit before taxation of RM734.0 million and RM17.3 million.
“The higher revenue in current quarter was mainly due to higher export volume and a loss was recorded as a result of lower margins,” it said. Loss per share was 1.3 sen. According to the notes to its accounts, there was a forex loss of RM5.46 million in the second quarter
Southern Steel said there were no comparative figures disclosed for the preceding year’s corresponding period following the change in financial year end from Dec 31, to June 30, during the preceding 18 months’ period ended June 30, 2011.
For the six-months period, it posted net profit of RM10.52 million on the back of revenue of RM1.66 billion.
