Southern Steel posts net loss for Q4

Southern Steel posts net loss for Q4

Malaysian steel producer Southern Steel Bhd posted a net loss of Ringgits 18.3 million ($4.9 million) fro the fourth quarter ended December 31, 2005 compared to a net profit of Ringgits 7.3 million a year earlier due to softer steel prices. During the same period, revenue fell 14.6 percent from Ringgits 556.07 million to Ringgits 547.96 million. For the full year ended December 31, 2005, Southern Steel reported a net loss of Ringgits 30.9 million compared to a net profit of Ringgits 98.1 million a year earlier. Southern Steel expects lower losses for the first quarter of 2006 and to achieve profitability in the current financial year.