Malaysian steelmaker Southern Steel Berhad has announced its financial results for the fourth financial quarter ended on June 30. The company’s net loss totaled MYR 34.78 million ($8.27 million) in the fourth financial quarter, compared to a net profit of MYR 35.5 million in the same period of the previous year, while its revenues totaled MYR 696.98 million ($165.81 million), compared to MYR 888.84 million recorded in the fourth financial quarter of 2018.
In the first half of the current year, Southern Steel Berhad posted a net loss of MYR 118.9 million ($28.28 million), as compared to a net profit of MYR 211.24 million in the first half of 2018, while its revenues totaled MYR 3.13 billion ($744.66 million), as compared to MYR 3.7 billion recorded in the first half of 2018.
The company stated that the market will remain volatile, while the influence of the revival of governmental infrastructure projects will be slow and inadequate to ease the oversupply in the market created by new entrants. However, Southern Steel Berhad will continue to adopt measures for high costs and to keep its position in the market, the company said.