Lion Corp

Lion Corp: Its net loss ballooned to rm98 million or 5.12 sen a share for 1QFY2012 ended Sept 30. The widening loss was despite revenue gaining by about 29% to rm687 million during the quarter. The higher prices of raw materials and an unrealized foreign exchange loss resulted in a net loss position during the quarter. The group operating cash flow also turned negative. Its current liabilities stood at rm3.52 billion (short term obligations and payables) far outweighed current assets of rm1.23 billion. Lion Corp remains debt heavy with total debt at rm2.81 billion versus cash of rm141.2 million. Total equity stood at only rm190 million as at Set 30, 2011. Lion Corp holds 79% of Megasteel with Lion Diversified holding 21% stake.