Financial Highlights

By Surin Murugiah

KUALA LUMPUR (Aug 30): Malaysia Steel Works (KL) Bhd (Masteel) slumped to a net loss of RM10.39 million for the second quarter ended June 30, 2019 from net profit of RM7.98 million a year earlier, due to lower sales volume and selling price resulting in a lower margin.

In a filing today, Masteel said revenue for the quarter fell to RM294.68 million from RM324.69 million previously. Loss per share was 2.44 sen compared to earnings per share of 1.89 sen in the year-ago quarter.

For the six months ended June 30, Masteel posted net loss of RM19.07 million versus net profit of RM25.7 million in the year-ago period. Revenue dropped to RM574.9 million from RM759.5 million a year earlier.

On its prospects, Masteel said the company’s initiatives, which commenced in 2017, were in anticipation of the increasing volatility in the domestic steel business environment.

“Presently, the company is beginning to realise its technology driven cost cutting measures and expects to see the improvement of its performance in the coming quarters,” it said.

At the midday break today, Masteel shares were unchanged at 42.5 sen, valuing it at RM181.58 million.