Cosmosteel Holdings Announces 9M15 Net Loss Of $1.9 Million

Cosmosteel Holdings announced a net loss of $1.9 million in 9M15, a vast difference from a net profit of $3.5 million in the same period last year.

The group reported a 26.2 percent decline in total revenue to $85.7 million mainly caused by the decrease in revenue from customers in the energy sector on the back of sluggish market conditions due to waning oil prices.

Despite the drop in revenue, the energy sector still accounts for most of the total revenue, contributing $67.2 million equivalent to 78.5 percent of total revenue.

Coupled with rising costs, such as the 16.6 percent increase in administrative expenses, the poorer performance led the group into the red.

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