Steel maker Ann Joo posts bigger Q1 losses

TheStar Tue, Jun 30, 2020 09:26pm - 3 years View Original


KUALA LUMPUR: Steel maker ANN JOO RESOURCES BHD posted bigger losses in the first quarter ended March 31, as the Covid-19 pandemic hit demand at home and abroad.

Lower selling prices of steel products during the quarter made it worst for the company.

For the first three months of the year, Ann Joo registered a net loss of RM30.56mil compared with a net loss of RM6.6mil a year ago.

Revenue declined to RM446mil from RM538mil previously.

The company warned of another bad quarter ahead.

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