♦ Below expectations. Sino Hua-An’s reported net loss of RM2.5m in 1QFY12/10 came in below our and market expectations of a full-year net profit forecast of RM55.0-75.m. We believe the variance against our forecast came largely from narrower-than-expected spread between metallurgical coal (input) and metallurgical coke (output).
Sino Hua-An International Berhad : No Turnaround Yet - 18/5/2010
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