SUBSCRIBERS

Novo's Q4 loss widens to US$11.3 million

Group cuts selling prices to below costs to clear out inventories, keep market share

Published 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.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes