Lion Industries posts lower net losses for third quarter

TheStar Tue, Jun 02, 2020 08:10am - 3 years View Original


Revenue declined 23.35% y-o-y from RM2.42bil to RM1.85bil, mainly due to lower revenue from its steel division which dipped 24.22% to RM1.63bil.

PETALING JAYA: Lion Industries Corp Bhd posted net losses of RM57.87mil for its third quarter ended March 31, but this was a 19.81% improvement year-on-year (y-o-y) from a net loss of RM72.17mil.

While the steel maker’s revenue came in 19.93% lower y-o-y due to reduced sales volume of steel products, its higher sales prices and improved margins led to lower loss from operations of RM27.42mil as compared to RM71.01mil in the same quarter last year.

On a year-to-date basis, Lion Industries’ net losses sank further to RM267.32mil from RM96.57mil in the same nine-month period last year, mainly due to losses from its steel division, coupled with a higher loss of RM58mil from associated companies and joint venture as compared to RM22.4mil a year ago, which was largely attributable to losses from the retail business.

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