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28 FEBRUARY 2018 AL CIRCLE

Press Metal Aluminium posts 14% increase in net profit in 4QFY17

EDITED BY : HEENA IQBAL 1MINS READ

Malaysia’s Press Metal Aluminium Holdings Bhd announced results for the fourth quarter ended Dec 31, 2017 (4QFY17). The company recorded net profit of RM150.19 million in the fourth quarter, up 14 per cent from RM131.78 million a year ago.

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Image Source: Press Metal

Press Metal’s revenue increased from RM2 billion in Q4 2016 to RM2.14 billion in Q4 2017. The company recorded an increase of 7.2 per cent. “Our smelting plants continued to operate at full capacity and higher revenue was mainly contributed by the higher metal price during the current year quarter under review,” according to Press Metal.

For the financial year ended Dec 31, 2017 (FY17), net profit increased 24.65 per cent from RM483.57 million to 602.79 million. Revenue increased from RM6.65 billion to RM8.17 billion, representing an increase of 22.9 per cent.

“The Board is cautiously optimistic that the Group should be able to achieve satisfactory results for this current financial year. The Group will also look out for expansion opportunities via merger and acquisitions as and when such situation arises for the Group to continue to expand its business reach,” company said.


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EDITED BY : HEENA IQBAL 1MINS READ

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