Monday, August 29, 2011

Mycron Steel in the red in 4Q

KUALA LUMPUR: MYCRON STEEL BHD [] sustained losses of RM3.29 million in the fourth quarter ended June 30, 2011, a contrast from a year ago's earnings of RM3.34 million as it was impacted by decrease in sales volume and lower sales margin.

It said on Monday, Aug 29 revenue fell'' 22.2% to RM104.85 million from RM134.89 million. Loss per share was 1.85 sen compared with earnings per share of 1.88 sen.

At the pre-tax level, it posted losses of RM3.8 million compared with profit before tax of RM5.5 million a year ago.

'The loss position is primarily contributed by a decreased sales volume, a lower sales margin and an adverse movement of RM3.3 million in foreign exchange differences from a gain of RM2.8 million to a loss of RM0.5 million,' it said.

For the financial year ended June 30, 2011, it managed to stay in the black with net profit of only RM511,000 compared with RM25.49 million in earnings in the financial year a year ago. Revenue declined 10.9% to RM414.37 million from RM465.44 million in the previous financial year.

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