Southern Steel falls 10.62% after slipping into the red in 2Q

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KUALA LUMPUR (Feb 19): Southern Steel Bhd shares fell 10.62% this morning after the group slipped into the red in the second quarter ended Dec 31, 2018 (2QFY19), posting a net loss of RM44.41 million compared to a net profit of RM69.96 million a year ago, on lower sales volume and selling prices.

At 9.13am, Southern Steel lost 9.5 sen to 80 sen with 320,100 shares done.

This is its first loss-making quarter since 4QFY16.

This resulted in a loss per share of 10.24 sen for 2QFY19 compared with an earnings per share of 16.17 sen for 2QFY18.

Quarterly revenue was also down 15.4% to RM809.51 million from RM956.44 million in 2QFY18.