04
Dec
02:27
Melewar posts lower profit in first quarter
Malaysian steelmaker Melewar Industrial Group has posted lower net profit in its first financial quarter ended 30 September 2023, due to reduced steel prices, Kallanish notes.
The firm says in a bourse filing that its net profit fell 24.57% to MYR 482,000 ($103,300) in the first quarter from MYR 639,000 a year ago.
The decrease in profit can be mainly attributed to a reduced price spread, stemming from unfavourable market conditions and influx of imports.
The gr…
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Anonymous
Very good overview of the weekly steel market.
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