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Press Metal Malaysia posts second-quarter profit of RM409.17 million
- China Aluminium Network
- Post Time: 2022/9/27
- Click Amount: 570
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【Aluminum Road Network】
Malaysian aluminium giant PressMetalAluminumHoldingsBhd. reported that its net profit for the second quarter of the financial year ended June 30, 2022 rose 60.1% to RM409.17 million, compared to RM255.58 million in the previous quarter. This was aided by higher revenue and contributions from subsidiaries.
PressMetal's revenue rose 51% to RM4.01 billion from RM2.64 billion in the second quarter of 2021, mainly due to higher metal prices and production, with its third-phase smelter opening in 2021, a stock exchange filing showed. put into production in October.
"As the group's revenue is mainly denominated in U.S. dollars, a stronger U.S. dollar also contributed to this growth," said PressMetal, who has three decades of experience in the aluminum industry chain.
In the first half of FY2022, the company's net profit surged 80% to RM830.19 million from RM461.3 million. Revenue rose 67.2% to RM7.93 billion from RM4.74 billion. Metal prices and production increased during the year, resulting in higher revenue and profitability.
PressMetal chief executive Tan Sri Paul Koon said: "With soaring energy prices and power shortages limiting supply, the aluminium market fundamentals should be able to withstand any aggressive challenges, especially in Europe."
"In Asia, extreme weather in India and China is another supply for primary capacity. Source:
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