Lion Asiapac reversed into earnings of $507,000 for the 2QFY2024 ended Dec 31, 2023, from the $1.4 million loss in the 2QFY2022.
The steel trader and manufacturer of lime also reversed into the black during the 1HFY2024 with earnings of $647,000, from losses of $2.3 million in the same period the year before. The earnings came better than the group’s guidance of a loss for the six-month period on Jan 26.
At the time, the company said that the loss was due to unrealised exchange losses on the back of the depreciating Chinese renminbi (RMB) and Malaysian ringgit (RM).
During the 2QFY2024 and 1HFY2024, however, Lion Asiapac BAZ reported losses of $146,000 and $42,000 respectively from continuing operations, net of tax.
Revenue for the 2QFY2024 rose by 9% y-o-y to $8.9 million after the group recorded a four-month contribution from Semangat Meriah Sdn Bhd, Swissma Building Technologies Sdn Bhd and Associated Steel Industries (M) Sdn Bhd (collectively known as Semangat). The group announced its acquisition of Semangat on Aug 30, 2023. The revenue contribution from Semangat is recorded under the supply of roofing solutions.
Revenue for the 1HFY2024 surged by 66% y-o-y to $13.5 million due to the increase in the supply of roofing solutions and the mining equipment trading offset by lower steel trading.
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Earnings per share (EPS) for the 1HFY2024 stood at a negative 0.05 cents for continuing operations and 0.85 cents from discontinued operations.
Shares in Lion Asiapac closed 1.5 cents higher or 5.46% up at 29 cents on Feb 7.
