HG Metal Manufacturing recorded a net loss after tax of $13.3 million in the quarter ended 30 June 2014 (2Q2014), compared to a profit of $0.7 million in 2Q2013 due to one-time provisions for inventories, doubtful debts and asset impairment on disposal of factory assets.
The group’s revenue decreased by 34% to $44.5 million in 2Q2014 from $67.1 million in 2Q2013. Sales volume declined by 24% compared to 2Q2013 due to lower demand for steel products.
The group recorded lower gross profit of $2.2 million in 2Q2014 compared to $4.5 million in 2Q2013 as a result of lower sales volume and gross profit margin.
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