At the time, the company said that the loss was due to unrealised exchange losses on the back of the depreciating Chinese renminbi (RMB) and Malaysian ringgit (RM).
During the 2QFY2024 and 1HFY2024, however, Lion Asiapacreported losses of $146,000 and $42,000 respectively from continuing operations, net of tax.
Revenue for the 2QFY2024 rose by 9% y-o-y to $8.9 million after the group recorded a four-month contribution from Semangat Meriah Sdn Bhd, Swissma Building Technologies Sdn Bhd and Associated Steel Industries (M) Sdn Bhd (collectively known as Semangat). The group announced its acquisition of Semangat on Aug 30, 2023. The revenue contribution from Semangat is recorded under the supply of roofing solutions.
Revenue for the 1HFY2024 surged by 66% y-o-y to $13.5 million due to the increase in the supply of roofing solutions and the mining equipment trading offset by lower steel trading.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Earnings per share (EPS) for the 1HFY2024 stood at a negative 0.05 cents for continuing operations and 0.85 cents from discontinued operations.
Shares in Lion Asiapac closed 1.5 cents higher or 5.46% up at 29 cents on Feb 7.
