Press Metal Aluminium Q1 2018 revenue up 9.9% on higher aluminium prices

Malaysia’s Press Metal Aluminium Holdings Bhd announced results for the first quarter ended March 31, 2018.The company’s revenue increased from RM1.93 billion in Q1 2017 to RM2.13 billion in Q1 2018, driven by higher aluminium prices.  

The company’s profit before tax rose 5.5 per cent to RM210.2 million, from RM199.3 million in the same quarter of the preceding financial year. The increase was mainly due to the higher metal price during the current year quarter under review.

Group Chief Executive Officer, Tan Sri Paul Koon said: “We are pleased with our results despite headwinds in the first quarter. We recognise that there will be continuous shifts and reactions in global aluminium markets caused by unsettled development from U.S. sanctions.”

“Recent production volume disruption from Brazil has caused sudden spike in alumina prices. Our management is closely monitoring the changing market landscape and has control measures in place, to respond to price volatilities on both aluminium and raw material fronts. Such external shocks have proven the resilience of aluminium prices which could benefit producers like us.

“Looking forward, we are focusing on streamlining our acquisition of Leader Universal Aluminium and expanding our value-added capacity. We are confident that we will meet the growth target we set for ourselves this year.”