CosmoSteel's Q4 profit plunges 53.3% to $1.16m

COSMOSTEEL Holdings, which supplies piping system components to the energy and marine industries, reported a net profit of $1.16 million for the fourth quarter ended Sept 30, 2013, down 53.3 per cent year on year.

Revenue rose 24.4 per cent to $33.63 million due to stronger sales in both the energy and marine sectors. Earnings per share worked out to 0.44 cent, down from 0.94 cent previously.

For the whole year, profit dropped 42.4 per cent to $6.36 million as a competitive business environment put pressure on margins, while revenue edged up 0.4 per cent to $155.7 million.