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.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here