Stone Master seeks further diversification
[2008-12-23 17:04:40]
| Stone Master seeks further diversification | |
| United States Dec 12,2008 www.stoneroc.es | |
|
Second board listed
Stone
Master Corporation Bhd is looking at further diversification to stem losses amid a difficult market environment and slowing construction sector, its executive director Hwang Teck Seng said.
Stone Master Corporation Bhd, which produces marble and granite products, recently ventured into timber trading in Kalimantan, Indonesia. “We have gone in (to timber trading). The business has started but we have not reached what we had hoped for. It is not full-blown. There are problems as the weather there was not favourable during the harvest and market conditions are not good with prices of timber falling,” Hwang said. “Another avenue we are looking at is plantation. We have been offered parcels of land but nothing has been firmed up yet,” Hwang told The Edge Financial Daily. He added that the company was also trying to diversify into more upstream activities such as going directly into construction. Currently, the company mainly supplies stone and marble for construction projects. Stone Master’s net loss widened to RM5.5 million for the financial year ended March 31, 2008 from a loss of RM2.7 million the previous year, while revenue declined 11.9% to RM83.9 million from RM95.3 million, mainly due to the lacklustre construction and property sectors. |
Source: 环球石材网
Keywords:Stone; marble
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