Mycron Steel, Yet Another Steel Player Announcing Losses

On The Financial Edge Daily Another quarter of loss for Mycron

• Another quarter of loss for Mycron
  Written by Joy Lee
  Wednesday, 20 May 2009 23:47
  
  KUALA LUMPUR: Mycron Steel Bhd posted a net loss of RM22.89 million for third quarter ended March 31, 2009, versus a RM5.22 million net profit a year earlier due to impairment loss on inventory to net realisable value by RM23.1 million.
  
  It said impairment loss was due to drastic drop in demand and a significant drop in the raw material price and the selling price of steel products. Revenue dropped 38% to RM66.73 million from RM107.62 million a year earlier. No dividend was declared.
  
  The net profit widened from a loss of RM18.83 million in the preceding quarter. For the cumulative nine month period, Mycron posted a net loss of RM38.55 million versus a net profit of RM9.51 million a year earlier, while revenue was higher at RM301.56 million versus RM282.20 million previously.
  
  Mycron expected international steel prices and demand for steel products to continue to soften and remain unpredictable but may stabilise in the second half of 2009.

Don't worry.

Them market experts have already stated the losses are as expected and that market will discount all them bad news and that the stocks have already priced in (or is it priced up?) all them bad news.

Life is good.

LOL!

:p2