Lysaght Galvanized Steel Q1 earnings down on MCO impact
PETALING JAYA: Lysaght Galvanized Steel Bhd’s net profit for the first quarter ended March 31, stood at RM1.62 million, a 31% decline from RM2.34 million reported in the same quarter of the previous year attributed to a decline in revenue from the implementation of the movement control order (MCO)
Revenue for the period stood at RM14.72 million, a 12.3% drop from RM16.79 million reported previously.
According to the group’s Bursa Malaysia filing, the coming quarters are expected to remain challenging, given the foreign exchange volatility and the increased competition with lower quality products. At the same time, the group said, its operations have only resumed progressively since the implementation of the conditional MCO.
It said the disruption of economic activities has affected supply chains and buying behaviour with reduced consumer spending and tightening liquidity across the market.
Under these circumstances, Lysaght said, it constantly reviews its operations with a view to increase productivity and enhance profitability.
source https://www.thesundaily.my/business/lysaght-galvanized-steel-q1-earnings-down-on-mco-impact-HC2602559
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