Sapphire Corp Q3 loss widens

SGX-LISTED steel producer Sapphire Corporation saw its third-quarter net loss widen to $52.3 million this year, compared to a $3.6 million loss last year, due mainly to impairment costs of $46.4 million.

But the company also continued to stay in the red because of the downturn in the steel industry.

If the impairment costs were excluded, Sapphire's net loss would have been $5.9 million for the three months ended Sept 30, 2013.