NSL, formerly known as Natsteel, has suffered a two-thirds drop in second quarter net profit to $4.4 million from $14 million previously.

This was despite revenue for the three months to June 30 rising by 20 per cent to $126.3 million.

The higher revenue was driven mainly by the construction products division, which reported a 37 per cent growth in revenue.

Pre-tax profit, however, fell by 28 per cent to $8.8 million, due to lower performance from the chemicals, and environmental services divisions, partially mitigated by improved performance from the construction products division.

Earnings per share slumped to 1.18 cents from 3.47 cents previously while net asset value per share slipped to $1.52 compared to $1.54 as at Dec 31.