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.