CSC Steel edges down on sharply lower 1Q earnings

By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia – Mon, May 14, 2012

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KUALA LUMPUR (May 14): Malaysian Smelting Corp shares declined on Monday after its 's net profit declined 79.94% to RM5.67 million in its first quarter ended Mar 31 from RM28.27 million a year ago, dragged down by continuing losses in its Indonesian operations.

At 9.40am, CSC Steel edged down one sen to RM1.36 with 14,000 shares traded.

In a statement on Bursa Malaysia on Friday, it said that revenue rose 4.61% to RM771.90 million from RM737.87 million a year earlier.

CSC'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.

 

 

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