KUALA LUMPUR (Bernama) — Southern Steel Bhd registered a net profit of RM47.93 million in the financial year 2021 (FY2021) compared to a net loss of RM467.06 million in FY2020, largely thanks to higher selling prices and cost improvement.
Revenue, however, was lower at RM1.74 billion from RM1.91 billion amid lower sales volume as compared with FY2020, the steel products manufacturer said in a filing with Bursa Malaysia today.
“In the fourth quarter (Q4) of FY2021, the group posted a net profit of RM24.47 million from a net loss of RM48.93 million, while revenue rose to RM358.09 million from RM199.23 million previously.
“The higher revenue in Q4 FY2021 as compared with Q4 FY2020 was due to higher selling prices and sales volume,” it said.
Going forward, Southern Steel expects the market condition to remain uncertain due to the resurgence of COVID-19 and will continue to stay vigilant and responsive to market changes while maintaining its cash conservation measures.