SOUTHERN STEEL’S NET PROFIT SLUMPS TO RM3.14 MLN DUE TO RISING COSTS
KUALA LUMPUR, May 25 (Bernama) -- Southern Steel Bhd’s net profit slumped to RM3.14 million in the third quarter ended March 31, 2022 (Q3 2022) from RM40.83 million in Q3 2021 due to rising costs which eroded margins.
However, revenue increased to RM591.11 million in Q3 2022 from RM493.27 previously, attributable to higher selling prices.
“For the financial year-to-date, excluding a discontinued operation, the group’s revenue stood at RM1.73 billion compared with RM1.38 billion for the corresponding period in financial year 2021,” it said in a filing with Bursa Malaysia.
On prospects, the group expects demand to stay moderate due to continued supply chain disruptions and developing geopolitical risks.
“Barring any unforeseen circumstances, the board expects the group’s performance to be satisfactory for the financial year ending June 30, 2022,” it added.
-- BERNAMA
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