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

Published on Jun 24, 2014 10:05 PM

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.

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