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31 May 2012

Masteel Q1 net loss RM4.88m on lower selling price

The Star

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd posted net loss of RM4.88mil in the first quarter ended March 31, 2012 due to lower selling price in contrast to net profit of RM6.19mil a year ago.

It said on Thursday its revenue was higher by 22.1% to RM339.92mil to RM278.41mil. Loss per share was 2.32 sen compared with earnings per share of 2.94 sen.

"The increase in revenue is mainly attributed to higher sales volume. The company recorded a loss mainly due to lower selling price in the current quarter," it said.

Masteel said the group's revenue for the current quarter was marginally higher by RM3.26mil to RM339.92mil in the current quarter due to increase in sales volume.

"The group recorded a lower loss before tax of RM4.88mil as compared to a loss before tax of RM14.54mil in the immediate preceding quarter mainly due to better margin in the current quarter," it said.

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