Below expectations.
Sino Hua-An’s reported net loss of RM20.6m came in below our and market expectations of a net profit of RM2.6-3.5m. We believe the variance against our forecast came largely from:
(1) Lower than expected average selling prices for output metallurgical coke; and
(2) Higher-than-expected input cost (metallurgical coal).
Sino Hua-An International Berhad : A Bad Patch In 4QFY12/09 - 01/03/2010
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