Lee Metal Group

Lee Metal reports 32% rise in 1Q earnings to $2.9 mil on lower contribution from property business

SINGAPORE (May 14): Lee Metal Group reported a 32% rise to 1Q18 earnings ended March to $2.9 million from $2.2 million a year ago.

For 1Q18, group turnover increased 23.4% to $100.4 million from $81.4 million in the corresponding quarter last year.

The higher turnover was attributable to Property Development and Investment business which contributed $21 million, but partially offset by Fabrication & Manufacturing business which decreased $2 million.

BRC Asia offers 42 cents per share for all Lee Metal shares

SINGAPORE (Feb 21): BRC Asia is making a voluntary conditional cash offer of 42 cents a share for all the issued shares in Lee Metal Group.

The offer price represents a 2.4% premium over Lee Metal’s last traded price of 41 cents on Tuesday.

It is also a 32.9% premium above the volume weighted average price (VWAP) for the 12-month period prior to Lee Metal’s last undisturbed trading day on Nov 10, 2017, when an announcement was made regarding a notification by certain shareholders of an unsolicited approach in relation to their shares.

Lee Metal posts 40.5% drop in 4Q earnings to $2 mil on higher costs of manufacturing

SINGAPORE (Feb 20): Lee Metal Group reported a 40.5% decline in earnings to $2.0 million for the 4Q ended December, from $3.4 million a year ago.

This brought full-year earnings to $7.5 million for FY17, down 43.6% from $13.3 million a year ago.

The lower earnings was mainly due to changes in inventories of finished goods and work-in-progress, which rose 24.7% to $79.7 million in 4Q17.

4Q17 revenue grew 13.4% to $92.5 million, from $81.6 million a year ago.

Lee Metal posts 53% drop in 3Q earnings to $1.9 mil

SINGAPORE (Nov 10): Lee Metal Group saw its earnings halved to $1.9 million in the 3Q ended September, falling 53% from $4.0 million a year ago.

Revenue dipped marginally by 1.5% to $86.4 million in 3Q17, from $87.7 million a year ago.

The lower turnover was largely attributable to the winding down of its steel merchandising business in December last year.

Rental and utilities expenses grew 11.4% to $1.6 million, mainly due to lower rental for low inventory levels in the corresponding quarter last year.

Lee Metal 1Q earnings up 13% to $2.2 mil

SINGAPORE (May 8): Lee Metal Group posted earnings of $2.2 million for the first quarter ended March, a 12.8% increase from $1.9 million a year ago.

Revenue in 1Q grew 6.3% to $81.4 million, from $76.5 million in the corresponding period last year.

Following the winding down of Lee Metal’s Steel Merchandising business, the higher turnover was attributable solely to its Fabrication & Manufacturing business, which increased by 9.3% to $81.4 million.

The increase in revenue was on the back of higher steel prices, but partially offset by lower volume.

Lee Metal’s 2Q earnings down 7.4% to $4 mil

SINGAPORE (Aug 8): Lee Metal Group’s earnings slipped 7.4% to $4.0 million in the second quarter ended 30 June 2016, from $4.3 million in the same period last year.

Revenue for the quarter fell 40.6% to $72.7 million, down from $122.5 million in 2Q15.

Lee Metal says in an SGX filing on Monday that the lower turnover was mainly due its Fabrication & Manufacturing, and Steel Merchandising segments.

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