Lion Industries posts lower net losses for third quarter

Revenue declined 23.35% y-o-y from RM2.42bil to RM1.85bil, mainly due to lower revenue from its steel division which dipped 24.22% to RM1.63bil.

PETALING JAYA: Lion Industries Corp Bhd posted net losses of RM57.87mil for its third quarter ended March 31, but this was a 19.81% improvement year-on-year (y-o-y) from a net loss of RM72.17mil.

While the steel maker’s revenue came in 19.93% lower y-o-y due to reduced sales volume of steel products, its higher sales prices and improved margins led to lower loss from operations of RM27.42mil as compared to RM71.01mil in the same quarter last year.