At the time, the company said that the loss was due to unrealised exchange losses on the back of the depreciating Chinese renminbi (RMB) and Malaysian ringgit (RM).
Lion Asiapac reversed into earnings of $507,000 for the 2QFY2024 ended Dec 31, 2023, from the $1.4 million loss in the 2QFY2022.
The steel trader and manufacturer of lime also reversed into the black during the 1HFY2024 with earnings of $647,000, from losses of $2.3 million in the same period the year before. The earnings came better than the group’s guidance of a loss for the six-month period on Jan 26.
