SINGAPORE - Distributor and fabricator of steel products Lee Metal Group reported a 34.3 per cent slide in fourth quarter net profit to $3.1 million.
Turnover for the quarter ended Dec 31 was 37.1 per cent lower at $90.8 million, due to weaker steel prices coupled with lower volume in steel merchandising business.
Revenue for the full year decreased 14.2 per cent to $445.4 million, while net profit sank 53 per cent to $15.6 million.
Earnings per share was 0.65 cents for the fourth quarter and 3.28 cents for the full year. Net asset value per share was 38.09 cents as at Dec 31.
The company said global steel prices remain weak due to slow growth in steel demand and overcapacity in China steel production.