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Cosmosteel's earnings down by 55% in FY2021

Goola Warden
Goola Warden11/25/2021 06:32 PM GMT+08  • 1 min read
Cosmosteel's earnings down by 55% in FY2021
Cosmosteel's FY2021 net profit for the 12 months to Sept 30, 2021 plunged by 55% to $2.4 million
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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.

See: CosmoSteel's 1Q losses widen to $2.7 mil on lower margin

All in, earnings per share more than halved to 0.81 cents, while net asset value inched higher to 28.37 cents as at Sept 30, 2021, up from 27.89 cents as at Sept 30, 2020. The company announced a final dividend of 1.5 cents and a special dividend of 0.5 cents, The little traded counter’s last close was at 9.2 cents on Nov 24, giving a divident yield of 2.17%..

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