Southern Steel nets RM69.96m in Q2

KUALA LUMPUR: Southern Steel Bhd’s net profit in the second quarter ended December 31 last year rose 91.41 per cent to RM69.96 million from RM36.55 million in the same period a year ago, due to higher sales volume and marginally higher margin despite higher material cost. Southern Steel’s revenue in the second quarter rose 30 per cent to RM956.44 million from RM731.57 million. The firm said it expects demand to grow moderately with the gradual rollout of the infrastructure projects.