Nico Steel

Nico Steel: FY14 net loss of US$1.4m from US$0.1m profit, while revenue slumped 28% y/y to US$24.5m mainly on reduced market demand and intense market competition. Accordingly, gross profit margin decreased 0.4ppts to 12.4%. The Group also announced their intention to diversify into the upstream minerals related business and has appointed a qualified independent professional 3rd party to conduct feasibility studies. NAV/share of $0.165.