Home Capital Results

Union Steel reverses out of the red in FY2021 with earnings of $7.6 mil; declares 4 cents dividend

Samantha Chiew
Samantha Chiew8/25/2021 06:51 PM GMT+08  • 2 min read
Union Steel reverses out of the red in FY2021 with earnings of $7.6 mil; declares 4 cents dividend
Union Steel reverses out of the red in FY2021 with earnings of $7.6 mil.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Union Steel Holdings has reported earnings of $7.6 million in its latest FY2021 results ended June, reversing from a loss of $7.6 million in FY2020.

The earnings came on the back of a 29.4% increase in revenue to $77.3 million from $59.7 million a year ago. This was mainly attributable to the growth in the metals’ division and the engineering segment of marine deck equipment business.

International prices of new steel products started strengthening in the last quarter of 2020 due to a rising demand with tight supplies as the global economies recovered. This consequently pushed up prices in the metal recycling markets. The increased demand and the resulting price surge largely improved the metals’ division’s sales. The progressive recovery of offshore activities also gave a significant boost to the group's order book which contributed to the jump in the engineering segment.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now