Southern Steel Bhd's earnings jumped to RM70.03mil in the second quarter ended Dec 31, 2017 on higher sale volume of steel products.
KUALA LUMPUR: Shares of Southern Steel fell to a multi-year low of 83 sen on Friday after it announced a much weaker set of earnings in the first quarter ended Sept 30 while the short-selling activities were suspended.
At 10.42am, the shares were down 15.5 sen to 83.5 sen with 1.39 million shares done.
The FBM KLCI fell 3.24 points or 0.19% to 1,693.10. Turnover was 755.18 million shares valued at RM503.90mil. There were 201 gainers, 377 losers and 274 counters unchanged.
Short selling was suspended after it breached the 15% or 15 sen limit. It will resume at 8.30am on Monday.
In Q1, its net profit fell sharply to RM1.78mil from RM53.42mil a year ago. Revenue was higher at RM929.03mil from RM899.74mil. It attributed the decline to higher material costs and electricity tariff hike.
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