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Novo's Q4 loss widens to US$11.3 million
Group cuts selling prices to below costs to clear out inventories, keep market share
Add BT as a preferred sourcePublished Tue, Jun 30, 2015 · 09:50 PM
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.
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