29
Aug
03:14
Higher inventory write-down allowance slashes Ann Joo profit
Malaysian steelmaker Ann Joo's second-quarter net profit plunged 59.27% on-year to MYR 34.09 million ($7.6m) due to higher allowance for inventory write-down, Kallanish notes.
Revenue however rose 19.56% to MYR 805.94m mainly due to higher prices for domestic and export sales, coupled with higher local sales tonnage.
The group says it recorded an allowance for inventories write-down of MYR 83.42m in Q2 as compared to MYR 2.36m a year earlier, mainly due to wr…
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Anonymous
Very good overview of the weekly steel market.
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