KUALA LUMPUR: SOUTHERN STEEL BHD [] posted a net profit of RM54.61 million for the second quarter ended June 30, 2010 compared to net loss RM12.67 million a year ago.
For the current year-to-date, the company's net profit was RM88.1 million from a net loss of RM78.15 million last year, on the back of RM1.31 billion revenue. Earnings per share was 13 sen.
The company declared a tax exempt interim dividend of 5 sen per share.
In a filing to Bursa Malaysia on Tuesday, Aug 17, Southern Steel said the higher revenue and profit were due to higher sales volume and prices as the economy recovered.
It said the turnaround was in line with the improved economic conditions.
On its prospects, the company said the local steel demand and prices had softened towards the end of the second quarter, and would remain so in the coming festive months.
'Thereafter, the board expects demand and prices to pick up. The group's performance would remain satisfactory for the rest of the financial year,' it said.
For the current year-to-date, the company's net profit was RM88.1 million from a net loss of RM78.15 million last year, on the back of RM1.31 billion revenue. Earnings per share was 13 sen.
The company declared a tax exempt interim dividend of 5 sen per share.
In a filing to Bursa Malaysia on Tuesday, Aug 17, Southern Steel said the higher revenue and profit were due to higher sales volume and prices as the economy recovered.
It said the turnaround was in line with the improved economic conditions.
On its prospects, the company said the local steel demand and prices had softened towards the end of the second quarter, and would remain so in the coming festive months.
'Thereafter, the board expects demand and prices to pick up. The group's performance would remain satisfactory for the rest of the financial year,' it said.
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