Lion Asiapac’s 4Q losses narrow to $2.7 mil on absence of provisions and impairment

SINGAPORE (Aug 18): Lion Asiapac, the steel trader and manufacturer of lime, saw 4Q losses shrink to $2.7 million, compared to losses of $48.4 million a year ago.

But this was mainly due to the absence of provisions for an abandoned property project in China as well as impairment losses in 4Q15, without which the group would have reported earnings of $1.93 million last year.

Revenue for the quarter ended 30 June 2016 fell 70% to $2.0 million, from $6.5 million a year ago.

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