KUALA LUMPUR: JAKS Resources Bhd posted net profit RM1.19 million in the fourth quarter ended Oct 31, 2010 compared to net loss RM3.13 million a year ago due to recovery in selling prices of various steel related products and better margins.
It said on Wednesday, Dec 29 revenue rose 38% to RM85.74 million from RM62.3 million last year, on the back of higher revenue contributed from the steel related products and recognition of works done for the projects in the CONSTRUCTION [] division. Earnings per share was 0.27 sen while net assets per share was RM1.05.
For the financial year ended Oct 31, JAKS posted net profit RM2.28 million compared to net loss RM6.75 million.'' Its revenue for the year however dipped 7% to RM257.26 million from RM278.08 million in 2009.
On its prospects for the current financial year, JAKS said the outlook for the steel industry was expected to improve in anticipation of the spending for infrastructure and development projects which requires vast amount of steel related products.
'However, the group is aware of the challenges and competition environment in the market.
'Nonetheless, the group will continue to review its internal efficiencies, remain committed to improve continuous productivity improvement, control and manage its operation cost in order to be more competitive,' it said.
JAKS said while it was optimistic that the results of the next year would remain favourable, the company was cautious of the challenging market sentiment
It said on Wednesday, Dec 29 revenue rose 38% to RM85.74 million from RM62.3 million last year, on the back of higher revenue contributed from the steel related products and recognition of works done for the projects in the CONSTRUCTION [] division. Earnings per share was 0.27 sen while net assets per share was RM1.05.
For the financial year ended Oct 31, JAKS posted net profit RM2.28 million compared to net loss RM6.75 million.'' Its revenue for the year however dipped 7% to RM257.26 million from RM278.08 million in 2009.
On its prospects for the current financial year, JAKS said the outlook for the steel industry was expected to improve in anticipation of the spending for infrastructure and development projects which requires vast amount of steel related products.
'However, the group is aware of the challenges and competition environment in the market.
'Nonetheless, the group will continue to review its internal efficiencies, remain committed to improve continuous productivity improvement, control and manage its operation cost in order to be more competitive,' it said.
JAKS said while it was optimistic that the results of the next year would remain favourable, the company was cautious of the challenging market sentiment
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