KUALA LUMPUR (Nov 15): SOUTHERN STEEL BHD [] posted net profit of RM16.05 million for the first quarter ended Sept 30, 2011 on the back of RM734 million in revenue and expected a satisfactory performance in the current financial year.
It said on Tuesday that pre-tax profit was RM17.30 million while earnings per share were 3.8 sen and it declared an interim dividend of 5.0 sen per share.
Southern Steel'' said there were no comparative figures for the preceding period's corresponding quarter as the group changed its financial year end from Dec 31, 2010 to June 30, 2011.
'The group's current quarter's profit before tax of RM17.3 million was lower than immediate preceding quarter's RM43.8 million mainly due to the drop in sales volume,' it said.
On the prospects, it said the global economic outlook has turned for the worse following the Euro zone financial crisis and China's credit tightening.
'Demand and prices for commodity, including steel, started to soften. However, the board expects the group's performance to be satisfactory for the financial year,' it said.
It said on Tuesday that pre-tax profit was RM17.30 million while earnings per share were 3.8 sen and it declared an interim dividend of 5.0 sen per share.
Southern Steel'' said there were no comparative figures for the preceding period's corresponding quarter as the group changed its financial year end from Dec 31, 2010 to June 30, 2011.
'The group's current quarter's profit before tax of RM17.3 million was lower than immediate preceding quarter's RM43.8 million mainly due to the drop in sales volume,' it said.
On the prospects, it said the global economic outlook has turned for the worse following the Euro zone financial crisis and China's credit tightening.
'Demand and prices for commodity, including steel, started to soften. However, the board expects the group's performance to be satisfactory for the financial year,' it said.
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