HupSteel posts 46% fall in Q4 net profit to $0.97 mil

HupSteel said net profit for the 4Q ended June 30 fell 46% to $968,000.

Revenue decreased by 41% to $32.9 million mainly due to a sharp decline in the export sale of steel products to the marine sector arising from a sluggish demand in the light of uncertain global economic conditions.

Despite the lower volume achieved, the group was able to achieve better gross profit margin of 16.4% compared with 12.5% in the same period last year, as there were more project sales last year that fetched lower margin.