Malaysian steelmaker Ann Joo Resources has posted a net loss of MYR 133.71 million (USD 30.32 million) for July-September 2022 quarter, as compared to a net profit of MYR 69.08 million in the corresponding period of 2021. Ann Joo Resources’s sales revenues in the given quarter totaled MYR 760.78 million, up by 88% YoY. Ann Joo Resources said “The global steel market is on the verge of a downturn amid extraordinarily high levels of uncertainty brought on by China’s steel demand deceleration, raw material price volatility, ongoing supply chain disruptions and prolonged geopolitical tensions. High energy prices and rising interest rates also lead to a slackening in steel-consuming sectors, which in turn contributes to steel price weakness.”Ann Joo Resource recorded a net loss of MYR 66.69 million for the first nine months of 2022, compared to a net profit of MYR 226.39 million in the first nine months of 2021. Ann Joo Resources’s sales revenues in the given period totaled MYR 2.24 billion, up by 35% YoYAnn Joo Resources stated that domestic steel demand is expected to remain weak on a lack of mega infrastructure projects. To offset the weak demand in the local market, the company stated that it will continue to emphasize exports to regional markets-Ann Joo Resources Berhad, listed on the Main Market of Bursa Malaysia Securities Bhd since 26 November 1996, is an investment holding company. The Group is primarily engaged in the manufacturing and trading of steel and steel related products. The Group, through its steel-making plant and rolling mills, focuses on the production of steel product ranging from billets, bars to wire rods serving mainly the construction and engineering sectors
Malaysian steelmaker Ann Joo Resources has posted a net loss of MYR 133.71 million (USD 30.32 million) for July-September 2022 quarter, as compared to a net profit of MYR 69.08 million in the corresponding period of 2021. Ann Joo Resources’s sales revenues in the given quarter totaled MYR 760.78 million, up by 88% YoY. Ann Joo Resources said “The global steel market is on the verge of a downturn amid extraordinarily high levels of uncertainty brought on by China’s steel demand deceleration, raw material price volatility, ongoing supply chain disruptions and prolonged geopolitical tensions. High energy prices and rising interest rates also lead to a slackening in steel-consuming sectors, which in turn contributes to steel price weakness.”Ann Joo Resource recorded a net loss of MYR 66.69 million for the first nine months of 2022, compared to a net profit of MYR 226.39 million in the first nine months of 2021. Ann Joo Resources’s sales revenues in the given period totaled MYR 2.24 billion, up by 35% YoYAnn Joo Resources stated that domestic steel demand is expected to remain weak on a lack of mega infrastructure projects. To offset the weak demand in the local market, the company stated that it will continue to emphasize exports to regional markets-Ann Joo Resources Berhad, listed on the Main Market of Bursa Malaysia Securities Bhd since 26 November 1996, is an investment holding company. The Group is primarily engaged in the manufacturing and trading of steel and steel related products. The Group, through its steel-making plant and rolling mills, focuses on the production of steel product ranging from billets, bars to wire rods serving mainly the construction and engineering sectors
