Press Metal Reports 24% Drop in Net Profit in 2019

Press Metal Aluminium Holdings Bhd’s net profit dropped 23.9 per cent to MYR 471.03 million in the year ended December 31, 2019 from MYR 618.93 million recorded previously. Press Metal said this was dragged by lower metal price and insurance claim. Its FY19’s revenue eased 6.65 per cent to MYR 8.56 billion from MYR 9.17 billion due to softening of metal price during the current year. For the fourth quarter, Press Metal’s net profit decreased 9.5 per cent to MYR 131.53 million from MYR 145.36 million, while revenue fell 4.5 per cent to MYR 2.13 billion from MYR 2.23 billion. The company said the coronavirus outbreak had caused a temporary disruption to global economic activities and dampened aluminium prices.

It said “There should be a recovery in prices if the situation improves. We plan to further expand our presence in Southeast Asia as this region is poised to enjoy growth with strong inflows of foreign investment. Press Metal expects improvements in its performance for this coming year on the back of additional capacity coming on-stream and contributions from strategic investments.”

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