Posted on 05 Aug 2016
CSC Steel Holdings Bhd has appointed Chen Huo Kun as its group managing director, replacing Huang Chun-Hui, 64, who is returning to China Steel Corp in Taiwan after the completion of his secondment here.
In a filing with Bursa Malaysia today, the cold rolled steel manufacturer said Chen, 57, has over 30 years experience in the steel manufacturing industry.
Chen, a Taiwanese, joined China Steel Corp in 1983 and prior to his new appointment, he was production vice-president of CSC Steel Sdn Bhd, a subsidiary of CSC Steel.
CSC Steel saw its net profit jump 65.3% to RM8.95 million or 2.43 sen a share in its first financial quarter ended March 31, 2016 (1QFY16) from RM5.41 million or 1.46 sen a share a year ago, due to lower cost of production during the quarter as a result of lower hot rolled steel prices.
Revenue, however, fell 24.9% to RM220.99 million from RM294.38 million in 1QFY15, due to significant decreases in selling prices and sales volume of all of the group's steel products.
CSC Steel shares closed unchanged at RM1.37 today, bringing a market capitalisation of RM505.18 million.
