Ann Joo returns to the black, net profit at RM167m

Ann Joo's long term profitability hinges on measures to curb cheap imports of bars and rods from China

PETALING JAYA: Ann Joo Resources Bhd returned to the black for the financial year 2016 ended Dec 31, recording RM166.7mil in net profit compared with a net loss of RM135.5mil a year ago.

The steel maker’s profits were boosted by a strong fourth quarter, which saw revenue come in at RM472.1mil, up 14.1% from a year ago, while net profit was at RM45.9mil, compared with RM47.7mil in net losses during the same period a year ago.