Posted on 25 Feb 2016
The steel maker recorded a net profit of RM4.52 million or 1.99 sen per share in 4QFY14.
Revenue declined nearly 30% in 4QFY15 to RM274.66 million, from RM392.17 million a year earlier, according to Masteel’s statement to the exchange today.
For the full year (FY15), its cumulative net loss was at RM50.99 million or 21.05 sen per share, against a net profit of RM15.83 million or 6.99 sen per share in FY14, due to lower margin achieved and higher foreign exchange losses.
Annual revenue fell nearly 22% to RM1.14 billion, from RM1.46 billion.
Looking forward, Masteel expects steel prices to be range bound for the year, as there are many external factors that will affect any sustained price recovery.
"The pace of closure of the excess China steel making capacity and the direction of the monetary policy by the US Federal Reserve will be the determining factors for the recovery of global steel industries," it added.
It also said its earnings are expected to face headwinds in the year ahead.
"Despite the challenges, the management is striving to improve the company's performance by continuously reviewing its business strategy," it added.
Shares in Masteel closed 0.5 sen or 1.35% higher at 37.5 sen today, for a market capitalisation of RM91.69 million.
