KUALA LUMPUR (May 11): CSC Steel Holdings Bhd’s net profit fell 76.90% to RM5.55 million for its first quarter ended Mar 31, 2012 from RM24.03 million after sales volumes dropped coupled with lower average selling prices.
In a statement on Bursa Malaysia, it said that revenue declined 21.47% to RM242.19 million from RM308.40 million a year ago.
Earnings per share were 1.49 sen compared to 6.44 sen.
“Barring any unforeseen circumstance, the group is cautiously optimistic on the performance of the group in 2012,” it said.
It added that steel demand remained weak in 1Q12 as it had in 4Q11, although steel prices had bottomed out in January.
“The rising momentum was not strong enough and this had given the group a tough call to further life the steel prices.”