Novo's Q4 loss widens to US$11.3 million

Singapore

CHINESE steel company Novo Group's net loss for the fourth quarter ended April 2015 widened to US$11.32 million from US$6.52 million for the year-ago period as it slashed selling prices of its products to below costs. This was in a bid to clear out inventories and maintain market share overseas and in China.

Revenue for the same period plunged 69.9 per cent to US$22.27 million, from US$74.04 million, on the back of challenging market conditions.

For the full year ended April 2015, Novo Group's net loss deepened to US$20.58 million from US$13.27 million for the corresponding period a year ago. Over the same period, revenue dropped 8.8 per cen…