Press Metal Aluminium reports double net profit in 1Q2021 on record-high aluminium prices
Press Metal Aluminium Holdings Bhd reported that its net profit doubled in the first quarter of 2021, bolstered by record-high aluminium prices. The company expects the global economy to revive further to drive demand, keeping selling prices at elevated levels.
In the first three months of the year ended on March 31, Press Metal’s net profit surged to RM205.7mil or 2.55 sen a share from RM102mil or 1.27 sen a share during the corresponding period year.
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The company’s revenue rose to RM2.1bil from 1.8bil a year ago, as declared in a filing with Bursa Malaysia on May 27.
Press Metal declared an interim dividend of 0.75 sen share. It also said the expected time to commission the Phase 3 smelter is early third quarter of 2021.
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