Kinsteel profit down on lower steel prices

Saturday November 7, 2009
Kinsteel profit down on lower steel prices

Kinsteel Bhd posted a net profit of RM19.8mil in the third quarter ended Sept 30,
which was only a third of RM58mil it made in the previous corresponding period.
Revenue was almost halved at RM458mil from RM845mil registered a year ago.
“The decrease in revenue was mainly due to lower steel prices,” said the company.
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In a separate statement, Perwaja Holdings Bhd, which is 37.3% owned by Kinsteel,
said it posted a net profit of RM13mil in the third quarter ended Sept 30
versus RM80.3mil made a year earlier.
Revenue fell to RM409mil from RM978mil previously.
It said the lower revenue and profit was mainly due to the lower steel prices
and decline in demand.
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