Mainboard-listed BRC Asia, the provider of steel reinforcement solutions, has reported earnings of $9.6 million for the 1QFY2021 ended December, 24% lower than earnings of $12.7 million a year ago.

The lower earnings were attributable to provisions totalling $13.2 million. The previsions were for onerous contracts, impairment loss and fair value changes on trade receivables, as well as fair value changes on derivatives.

Revenue fell 6% y-o-y to $213.4 million due to lower sales volume due to the measures brought about by Covid-19.

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