METALS supplier Nico Steel Holdings on Friday posted a full-year net profit of US$243,000 for the year ended Feb 28, slightly over seven times its net profit of US$34,000 a year ago.
On a per share basis, earnings per share came in at 0.01 US cent, unchanged from the preceding year. Shares in Nico Steel closed flat at 0.5 Singapore cent on Thursday.Executive chairman and president of Nico Steel, Danny Tan noted:"We are encouraged that our transformation strategy and efforts to focus on value-creating metallurgical solutions gained traction with some of the renowned global brand leaders in the communications, automotive and consumer electronics sectors.
Nico Steel was placed on the Singapore Exchange watch list on Sept 5, 2016 under the financial criteria, for posting three straight years of pre-tax losses, and for failing to maintain a market cap of at least S$40 million.In a separate regulatory filing on Friday, the group noted that it will apply to the Singapore bourse for a 12-month extension from the expiry date of Sept 4, 2019 to exit the financial watch list.
In addition, Nico Steel was also placed on the SGX watch list under the minimum trading price criteria on June 5, 2017, for failing to maintain a six-month volume-weighted average trading price of 20 Singapore cents, and a S$40 million market cap. It has until June 4, 2020 to cure that status, or it could be forced to delist.
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