Lion Corp loss narrows

KUALA LUMPUR: Lion Corp Bhd narrowed its net loss for its third quarter ended March 31 to RM68.66 million (3QFY13), compared with 3QFY12’s loss of RM76.13 million, as it registered growth in revenue for its steel and property divisions.

Its 3QFY13 sales rose 4.37% to RM727.42 million from RM696.95 million a year earlier.

The company’s cumulative net loss for the nine months (9MFY13) was wider than a year earlier at RM257.85 million. Its revenue in 9MFY13 stood at RM1.86 billion against the previous corresponding period’s RM2.29 billion.

Lion Corp said sales of flat steel products in both domestic and overseas markets had been sluggish.

This article first appeared in The Edge Financial Daily, on May 29, 2013.