Cosmosteel's net profit crashed 53.3% to $1.16m

Here's the main culprit.

According to OSK, Cosmosteel announced a plunge in net profit of 53.3% to SGD1.16m for the fourth quarter ended Sept 30, 2016 due to competitive business environment. This has negatively impacted margins even though revenue rose 24.4% to SGD33.63m due to stronger sales in both energy and marine sectors.

Here's more:

Earnings per share fell to SGD0.44 from SGD0.94. The group nearly received 40% of the total revenue from European, Indonesian, Japanese and other markets compared to just 8.9% in FY2012.

The group will continue to identify new potential markets and opportunities to fuel its growth while remaining prudent and cautious in their business activities.