Help Desk -
9958816305, 9810335381
Email
Password

Masteel Reports Net Loss in FY19

Steel News - Published on Mon, 24 Feb 2020

Image Source: Masteel
Malaysia Steel Works Bhd posted a net loss for its financial year ended Dec 31, 2019, its first annual loss since 2015, impacted by lower margin resulting from the lower selling price and higher finance charges from increased borrowings during the year. Masteel said that the group made a net loss of MYR 8.3 million on lower revenue of MYR 1.2 billion versus a net profit of MYR 6.7 million on the back of MYR 1.5 billion revenue for FY18.

This was despite it registering a net profit in its fourth quarter at MYR 688,000, compared with a net loss of MYR 24.87 million in 4QFY18, helped by a better margin during the quarter as a result of the company’s technology-driven cost-cutting measures. Quarterly revenue increased marginally to MYR 349.86 million, from MYR 348.93 million in the corresponding quarter last year, on higher sales volume.

Source :

Posted By : Yogender Pancholi on Mon, 24 Feb 2020
Related News from Steel segment