Novo Group books $138,000 net loss in Q3
Due to the adverse operating environment.
Novo Group booked a $138,000 (US$0.1m) net loss in the third quarter, on back of a 18.1% year-on-year drop in revenue to $94.7m (US$68.2m).
The group cited the adverse operating environment as the culprit for its poor results.
“Facing a slowdown in the world’s economy, the price of iron ore in China is expected to slide due to high inventories, soft demand and production cuts, resulting from inspections against environmental protection. International Iron ore price is also expected to stablise and softly decline,” stated Novo Group.