Southern Steel Bhd posted net loss of RM65.47 million in the first quarter ended March 31, a sharp contrast from the net profit of RM96.37 a year ago as a sharp contraction in steel demand and prices weighed on its revenue.
The company said on May 6 that revenue fell 53% to RM393.6 million from RM838.03 million. Loss per share was 15.6 sen compared with earnings per share of 23 sen.
“However, there are some tentative signs of demand picking up in both domestic and global market. The board expects the performance to improve for the rest of the financial year,” it said.
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