CosmoSteel Holdings books $0.9m net loss in FY15

Blame it on raised depreciation charges.

CosmoSteel Holdings reported a net loss of $0.9m in FY15, reflecting a 116% YoY crash from 2014’s $5.5m profit. Despite the implementation of cost-cutting measures during the year, higher depreciation charges battered the company.

The company’s Singapore market delivered the lowest revenue as it staggered back 40.4% to $56.7m. This was partially offset, however, by Brunei and Japan doubling contributions from FY14’s $13.4m to $29m, which is largely attributable to CosmoSteel’s more enthusiastic marketing thrusts.

Looking forward, the company is expecting its profit margins to continue to battle through the intensifying competitive conditions locally and globally.