Novo reported a net loss of USD3.6m

On the back of lower revenue.

According to OSK, Novo’s revenue dropped 45.5% to USD32.0m in 1Q14 as compared to USD58.7m in 1Q13.

The group posted a net loss of USD3.6m in 1Q14 as compared to a loss of USD1.6m in 1Q13. No dividends were declared in this period.

Here's more:

Revenue from trading segment fell from USD58.7m to USD21.5m in 1Q14. Company’s new segments tinplate manufacturing business in Jiangsu and tinplate processing business in Tianjin are starting to contribute positively to the group’s revenue.

Revenue from tinplate manufacturing business and tinplate processing business accounted for approximately 14.3% and 18.5% of the Group’s total revenue in 1QFY2014, respectively.

Revenue derived from South East Asia market fell from USD20.5m in 1Q13 to USD1.4m in 1Q14. The South East Asia market accounted for 4.3% and 34.9% of the Group’s total revenue in 1QFY2014 and 1QFY2013, respectively.

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