Novo Group, the global steel and coal supply-chain manager, says net profit grew to US$4.7 million ($6.6 million) for the financial period ended 31 January 2010 (3QFY2010), up 422% from US$0.9 million in 3Q FY2009. Earnings per share in 3Q FY2010 rose to 0.78 US cents from 0.14 US cents in 3Q FY2009.
Group revenue for 3QFY2010 improved to US$127.7 million ($178.4 million), an increase of 67.7% from US$ 76.2 million in 3Q FY2009. This was due to a significant improvement in the performance of the group’s international steel trading division, contributing 85.7% of the group’s total revenue or US$109.5 million due to the growth in demand of semi-finished products in South East Asia market and the increase in steel price.