LB Aluminium reports more than two-fold jump in net profit for H1 FY2023
On Tuesday, December 6, LB Aluminium Bhd, one of the largest aluminium extrusion manufacturers in Asia, declared an 81 per cent hike in its net profit for the 2nd quarter of FY23 ended October 31 from RM6.83 million in the previous year to RM12.35 million, thanks to higher average selling prices and improved margins for its aluminium product segment.
Quarterly revenue increased by 30 per cent to RM206.09 million for the said period versus RM158.84 million in 2QFY22.
In the first six months of the fiscal year 2023, net profit jumped by more than two-fold over the year from RM9.87 million to RM24.86 million. Revenue escalated by 58 per cent from RM273.39 million to RM433.15 million.
The group claimed stable global aluminium prices and stronger ringgit value than the US dollar were the two primary reasons for the prospect, as its raw material is priced in the US dollars.
LB Aluminium expects aluminium products demand to sustain, given the growth trajectory of Malaysia and the global economy.
Following the company’s robust financial report, its share price rose more than 5 per cent in active trade on the successive day. At 10:20am, LB Aluminium rose 5.68 per cent or two and a half sen to 46.5 sen a share, with over 2.46 million shares done. Year to date, the stock has increased by 13.41 per cent.
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