HG Metal returns to profitability in 2Q

SINGAPORE (Aug 10): HG Metal Manufacturing has swung back into the black with earnings of $1.4 million for 2Q16, compared with net losses of $1.3 million in 2Q15.

Revenue recorded in the quarter ended June fell 6% to $33.7 million due to a lower average selling price of its products, despite the increase in international steel prices.

However, gross margins rose by 2.4 percentage points to 5.7% given lower average inventory cost.

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