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Hupsteel losses widen to $19.1 mil for FY16

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Hupsteel losses widen to $19.1 mil for FY16

Zavier Ong Published on Mon, Aug 29, 2016 / 6:27 PM GMT+8

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SINGAPORE (Aug 29): Hup Steel saw FY16 losses widen by 140% to $19.1 million from $7.9 million a year ago due to fierce competition and weak market demand that led the group to further write down affected stock items to net realisable value and increase provisions for slow moving items. These amounted to $10.6 million for FY16.

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