SINGAPORE (April 25): Nico Steel recorded a 37% fall in FY17 earnings to US$1.9 million ($2.7 million) from a year ago.
Revenue from continuing operations fell 31% to US$13.3 million due to lower market demand.
Despite this, revenue from Nico branded materials accounted for 18% of the group’s total revenue compared to 10.4% a year ago.
Group’s gross profit margin fell to 18.1% to 19.0%.
Other income fell 50% to US$99,000 mainly due to sales of scrap metal.
Nico Steel expects the operating environment in the electronic industry to remain challenging in the current uncertain economic conditions.
Shares of Nico Steel last traded at 0.8 cent.
