Malaysia-based steel producer Malaysia Steel Works (KL) Bhd (Masteel) has announced its financial results for the second quarter ended June 30, 2020, posting a net loss of RM 22.53 million ($5.4 million), compared to a net loss of RM 10.39 million recorded in the same period of the previous year.
Malaysia Steel Works’ revenues amounted to RM 195.63 million ($46.91 million) in the second quarter, down 33.6 percent year on year.
In the January-June period of the current year, the company posted a net loss of RM 26.7 million ($6.4 million) compared to a net loss of RM 19 million recorded in the same period of the previous year. The company’s revenues amounted to RM 593.26 million ($142.39 million) in the given period, up three percent year on year.
The company stated that the decrease in revenue and profit in the given quarter were mainly attributed to lower sales volume and selling price due to the negative impact of economic disruptions amid the coronavirus.
According to Masteel’s statement, the company is focused on improving its costs of production and expects to see improvement of its business results for the rest of the year.