Novo Group posts third straight year of losses, may come under watch-list

SINGAPORE - China-based steel company Novo Group has posted its third straight year of losses and now faces the prspect of being placed on the Singapore Exchange (SGX) watch-list.

The beleaguered firm recorded a loss of US$13.1 million (S$16.4 million) for the year ended April 30, sinking even deeper into the red from the previous year's loss of US$5.3 million.

Revenue for the full year came in at US$273 million, down 3.9 per cent from the previous year's US$284.2 million.

It blamed fluctuations in the prices of raw materials and spending on new projects for the poor numbers.

The company on Tuesday toldo investors that it will make an immediate announcement if it is placed on the SGX watch-list.