Press Metal Aluminium Holdings Berhad, the largest aluminium smelter and extruder in South East Asia, reported its financial performance for nine months ended 30 September 2017. The company said in a press release that they are now targeting to increase contribution of value-added products from 30 per cent to 50 per cent by end 2018.

The company’s cumulative nine months core profit increased 57.3 per cent to RM452.6 million, from RM287.7 million a year ago due to additional production output generated by its Samalaju Phase 2 smelting plant and higher metal price.

Tan Sri Paul Koon, Group Chief Executive Officer, commented: "We are encouraged by our continued growth year-on-year while operating in rising cost environment. We expect to benefit from the current higher metal price moving forward, barring unforeseen cost increases.”

Press Metal’s revenue for nine months ended 30 September 2017 increased 30.1 per cent to RM6.0 billion, from RM4.6 billion a year ago.

For the third quarter of 2017, the company generated revenue of RM2.1 billion, an increase of 22.4 per cent. Net profit rose 25.5 per cent from 3Q16 to RM154.4 million

Tan Sri Paul Koon further added: “We are now targeting to increase contribution of value-added products from 30% to 50% by end 2018. This will entrench our position directly with end users to strengthen our position and branding in the long run.”

 “Our joint venture with Sunstone Development Co., Ltd in China for the manufacturing of pre-baked carbon anodes will help to address rising carbon costs come FY 2018.

Our inaugural bonds issuance has put us on a stronger financial footing to consider suitable growth opportunities both upstream and downstream.”