Singapore-listed Novo Group warns of even bigger half-year loss this year

China-based steel company Novo Group warned on Tuesday that it expects to make an even bigger loss for the six months ended Oct 31, compared with the preceding year.

It was already US$3.5 million in the red for the first quarter ended July 31 this year.

Its costs ballooned after it began operating its tinplate manufacturing plate in Jiangsu and tinplate processing plant in Tianjin, the company told the Singapore Exchange.

It made a loss of US$2.4 million for April through October last year, down sharply from a net profit of US$112,000 in the corresponding period in 2011.

Novo Group added that it expects to announce results for the half-year ended Oct 31 on Dec 9.

The thinly traded counter closed at 18.5 cents on Friday, Nov 22. It has been flat since.

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