Actually, the profit before tax is even slightly higher than previous quarter. Profit before tax for the current quarter is RM42.573 million and the previous quarter was RM42,525 million. But the profit after tax for this quarter is higher than other quarters as mentioned by the Leonfb as such:
The effective tax rate for the current quarter is slightly higher than the statutory tax rate of 24% mainly due to absence of unabsorbed reinvestment allowance brought forward from prior financial years for deducting against statutory business income for the current quarter of a subsidiary company as it had been fully absorbed in the immediate preceding quarter.
Our business operations mainly comprise trading and processing of a diverse range of flat and long steel products. Our processing facilities which include an extensive range of cutting, levelling, shearing profiling, bending and finishing are cater for specific product requirements of our large customer base from diverse industries and to provide a one-stop solution to potential customers. The cutting and profiling facilities include a fiber laser cutting machine complete with automated loading and unloading facilities for inputs and outputs with overall processing speed of up to 5 times more than conventional laser cutting machines.
In addition, our Group also has downstream manufacturing facilities for production of welded steel pipes of which Phase 1 of the facilities with 2 production lines are in full swing since the second half of 2019. Another two (2) production lines are expected to be added in the second half of this year while Phase 2 of the facilities is currently at development stages and is expected to be fully commissioned in the second half of 2023.
If not due to the increase tax rate from 15.09% to 24.56%, the latest Leonfb EPS should be around 11.5 which is quite similar to the last Qtr's EPS. So KYY's figure which says the profit reduced by 16 % without mentioning the new tax figure is very unfair and misleading in the comparison
Quote: HONG KONG, Sept 20 (Reuters) - Growing fears of China Evergrande defaulting rattled global markets on Monday as investors worried about the potential impact on the wider economy dumped Chinese property stocks and sought refuge in safe-haven assets.
I see you dump, I also dump. Somebody else see me dump, he also dump. Chain reaction until oversold position.
mainland facing power control , industrial production affect on the other hand malaysia steel demand will increase , can export more today the price go up^^ cheers ya
China Steel said that several factors are indicating a rebound in Asian steel prices in the fourth quarter, including a rise in demand due to a global economic recovery as well as a surge in raw material costs.
"Exports of manufactured goods in September 2021 reached its highest monthly value at RM94.86bil or 85.6% of total exports, grew by 21.6% y-o-y.
"Petroleum products, manufactures of metal, E&E products, chemicals and chemical products, palm oil-based manufactured products, other manufactures especially solid-state storage devices (SSD) as well as iron and steel products respectively registered more than RM1 billion expansion in exports," said Miti.
Big surprise, although the MCO, 3Q earning (EPS: 11.34) was better than 2Q (EPS: 9.76). 9M EPS (32.75) is more than 3 times better than FY2020 (EPS: 9.21).
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
VincentTang
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Posted by VincentTang > 2021-09-09 14:09 | Report Abuse
China steel price explode now. All in steel stocks.