Press Metal 1Q17 profit up on higher output

Friday, May 19, 2017
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Press Metal Bhd posted a 56.6% year-on-year surge in net profit to RM148.05 million in the first-quarter ended March 31, 2017 (1Q17), on additional production output by its Sama-laju phase two smelting plant in Bintulu, Sarawak, and higher metal prices. 

In an exchange filing yesterday, the aluminium producer noted a similar percentage increase in revenue to RM2.02 billion from RM1.29 billion. 

The company’s board has approved a first interim single-tier dividend of 1.5 sen per share for the year. 

Aluminium price improved 11.2% from an average of US$1,731 (RM7,495) per metric tonne in December 2016 to an average of US$1,930 per metric tonne in April 2017, due to the Chinese government’s move to reduce production in the country. As such, the market is expecting demand and supply for the year to tilt towards a deficit situation. 

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