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CosmoSteel swings back into black with S$1.2m net profit in Q3

COSMOSTEEL on Tuesday posted a net profit of S$1.2 million in the third quarter, reversing from a net loss of S$1.9 million in the same period a year earlier.

Revenue in the three months ended June 30 was S$24 million, an increase of 19.3 per cent. This was due mainly to higher revenue from customers in the trading sector, partly offset by a decrease in revenue from the energy sector. 

Gross profit margin increased by 4.4 percentage points to 21.8 per cent from the same period a year earlier.

Earnings per share was 0.42 Singapore cent, reversing from a loss per share of 0.65 Singapore cent in the third quarter last year.

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Net asset value per share was 26.18 Singapore cents as at June 30.

CosmoSteel shares fell 0.2 Singapore cent or 2.67 per cent to S$0.073 on Tuesday before the results were announced.

CosmoSteel is on the watch-lists for minimum trading price and financial entry criteria.

It said it expects to return to profitability for the financial year ending Sept 30, 2019.

This will enable it to satisfy one of the conditions for meeting the financial exit criteria, the other being to meet the requisite market capitalisation of S$40 million, it said.