Posted on 30 May 2015
The company’s losses from the steel and “others” divisions weighed on its financial performance for the quarter.
Its revenue for the quarter fell year-on-year by 42.6% to RM672.73mil while its net assets per share dropped to RM3.52 from RM3.69 in the preceding financial year end.
In an announcement to Bursa Malaysia, the company said that year-to-date (YTD) it registered a higher operating loss of RM60.6mil largely due to the higher loss from the steel division.
“The steel division recorded a lower revenue of RM1.94bil compared to RM2.99bil in the same period last year, mainly due to lower selling prices and sales tonnage.
“Accordingly, the division recorded a higher loss of RM69.3mil,” the company said.
Its building materials segment in the YTD period recorded a 9% lower revenue of RM451.2mil compared with RM495.7mil in the same period last year but operational profit rose to RM8mil from RM7.4mil due to increased profit margins.
Meanwhile, its property development division registered a higher revenue of RM48mil YTD from RM14.2mil registered in the same period last year while it recorded an operational profit of RM11.6mil against a loss of RM2.5mil a year ago.
Its property development segment was supported by its development project in Penang.
Its “others” division recorded a revenue of RM82.6mil YTD mainly from petroleum, lubricants, automotive products and transportation businesses.
“The division recorded a loss of RM6.1mil for the financial year under review mainly due to unrealised foreign exchange loss of RM6.9mil,” it said.
