Malaysia-based steelmaker Ann Joo Resources (AJR) has announced its financial results for the third quarter of this year.
In the given quarter, the company reported a net loss of MYR 56.06 million ($12.05 million), compared to a net loss of MYR 133.71 million in the same quarter last year. AJR’s sales revenues in the given period totaled MYR 638.64 million ($137.27 million), falling by 16.1 percent year on year.
According to the company’s statement, lower selling prices and sales tonnages led to a decrease in sales revenues in the third quarter. In addition, increasing supply-demand imbalances both in the domestic and international markets resulted in lower selling prices and sales tonnages, which depressed operating margins.