CosmoSteel Q4 profit plunges amid challenging market
COSMOSTEEL Holdings posted a 49.3 per cent drop net profit to S$1 million on a 41.6 per cent decline in revenue to S$24.2 million for the fourth quarter ended Sept 30, 2015.
The piping system component supplier and distributor's earnings per share for Q4 was 0.37 cent, compared with 0.76 cent a year ago.
Full-year net loss was S$0.9 million compared to a profit of S$5.5 million last year.
CosmoSteel chief executive Ong Chin Sum described FY2015 as a trying time. "We expect our revenue and profit margins to remain under pressure in FY2016," he said.
Revenue generation will continue to be challenging amid the weak oil market resulting in fewer projects available in the market, CosmoSteel said.
Its chief executive maintained that "our business fundamentals remain sound" and that as a result, "we are rewarding our shareholders with dividends in FY15 despite our maiden loss in the group's history".
The company declared a dividend per share of 0.5 cent.
Shares in CosmoSteel last closed at 13.5 cents, up 0.3 cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Paramount replaces CEO with trio as it talks merger with Skydance
MicroStrategy posts loss on impairment charge, revenue declines
JPMorgan looks to fend off Goldman and other private credit for US$1 billion
China’s top airlines improve balance sheet in Q1; outlook positive for May Day