KUALA LUMPUR: Lion Industries Bhd staged a turnaround in its financial performance for the financial year ended June 30, 2010, recording net profit of RM363.45 million compared with net loss of RM278.29 million in FY09.

It said on Wednesday, Aug 25 that revenue rose 17% to RM5.18 billion compared with RM4.42 billion. Net asset per share was RM3.78.

?Profit from operations increasing by RM443 million to RM449 million from RM6 million. The significant improved performance was mainly attributable to better demand for the steel products and the consolidation of the full year's results of the local tyre manufacturing operations as compared to seven months in the preceding year corresponding period,? it said.

Lion Industries said after accounting for higher profit from associated companies, lower finance costs and a gain on partial disposal of shares in an associated company of RM24 million, the group posted a profit before tax of RM512 million against a loss of RM375 million in the preceding year corresponding period.

For the fourth quarter ended June 30, 2010, it posted net profit of RM121.57 million compared with net loss of RM80.37 million. Revenue was RM1.39 billion compared with RM835.41 million. Earnings per share were 17.01 sen versus loss per share of 11.27 sen.