KUALA LUMPUR: CSC Steel Holdings Bhd recorded losses of RM2.06 million in the fourth quarter ended Dec 31, 2011, compared with net profit of RM8.56 million a year ago due to lower sales volume of its steel products.
It said on Friday, Feb 10, its revenue rose 7.0% to RM276.9 million from RM258.7 million a year ago. Loss per share was 0.55 sen compared with earnings per share of 2.29 sen.
Commenting on the financial performance, it said the increase in revenue was due to increase in both the overall selling prices and sales volume of steel products.
However, the significant decrease in its profits before tax was due to a write-down of inventories of RM6.4 million as a result of a comparatively lower selling price of its steel products in January and February of 2012.
When compared with the preceding quarter, it said its revenue fell 13.6%, from RM320.6 million to RM276.9 million primarily due to significantly lower sales volume of the steel products due to sluggish demand although selling prices were higher than the previous quarter.
“However, the group registered a profit before tax of RM300,00 million in the current quarter which represent an increase of RM2.3 million from a loss before tax of RM2.0 million in the previous quarter mainly due to lower distribution cost,” it said.
For the financial year ended Dec 31, 2011, its net profit fell 57.2% to RM29.55 million from RM69.18 million in FY2010. Its revenue rose 17.5% to RM1.206 billion from RM1.03 billion.
The board recommended a final single tier system of dividend of 5% or 5.0 sen per share and a special single tier system of dividend of 2% or 2.0 sen per share for the financial year ended 2011
It said on Friday, Feb 10, its revenue rose 7.0% to RM276.9 million from RM258.7 million a year ago. Loss per share was 0.55 sen compared with earnings per share of 2.29 sen.
Commenting on the financial performance, it said the increase in revenue was due to increase in both the overall selling prices and sales volume of steel products.
However, the significant decrease in its profits before tax was due to a write-down of inventories of RM6.4 million as a result of a comparatively lower selling price of its steel products in January and February of 2012.
When compared with the preceding quarter, it said its revenue fell 13.6%, from RM320.6 million to RM276.9 million primarily due to significantly lower sales volume of the steel products due to sluggish demand although selling prices were higher than the previous quarter.
“However, the group registered a profit before tax of RM300,00 million in the current quarter which represent an increase of RM2.3 million from a loss before tax of RM2.0 million in the previous quarter mainly due to lower distribution cost,” it said.
For the financial year ended Dec 31, 2011, its net profit fell 57.2% to RM29.55 million from RM69.18 million in FY2010. Its revenue rose 17.5% to RM1.206 billion from RM1.03 billion.
The board recommended a final single tier system of dividend of 5% or 5.0 sen per share and a special single tier system of dividend of 2% or 2.0 sen per share for the financial year ended 2011
