Cosmosteel's earnings down by 55% in FY2021

Cosmosteel Holdings, an energy, marine and trading company announced a 54.6% y-o-y decline in revenue for FY2021, for the 12 months to Sept 30, to $7 million, while profit after tax fell by 55.2% to $2.4 million. Gross profit margin fell 1.4 percentage points to 17.8%. The company reported a one time gain of $6.6 million mainly from increase in inventories written back and reversal of allowance for impairment on trade receivables.