Below expectations. Stripping off EI gains of RM32m, Kinsteel reported FY12/09 net loss of RM23.7m that missed our and market expectations of a net profit of RM4.1-4.3m. We believe the variance against our forecast came mainly from the lower-than-expected contribution from 37.4%-owned .Perwaja on the back of lower-than-expected steel billet selling prices.
Kinsteel Berhad: 4QFY12/09 Dragged Down By Perwaja; Bumper Profit Ahead - 01/03/2010
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