Press Metal’s 2Q earning rise on Leader merger

By TMR

Press Metal Aluminium Holdings Bhd registered a higher net profit in the second quarter (2Q) ended June 30, 2018, mainly contributed by the completion of the purchase of Leader Universal Aluminium Sdn Bhd.

Net profits grew 6.9% year-on-year (YoY) to RM160 million while revenue was up 24.7% YoY to RM2.44 billion as revenue from Leader Universal was consolidated into the group’s result and supported by higher metal price.

In an announcement to Bursa Malaysia yesterday, the aluminium maker noted external uncertainties continue to exist in the global supply chain as a result of the US tariffs and sanctions and amplified by the ongoing alumina supply disruptions.

“Internally, we continue to strengthen ourselves vertically through our joint venture with Sunstone Development Co Ltd in China for the manufacturing of pre-baked carbon anodes which is a key raw material for our smelting activities,” it said.

Press Metal added the plant is under construction and on track for commissioning in the last quarter of financial year ended 2018, which is set to increase its value-added products and achieve 50% contribution by the end of the year.

The company said there are no new developments to the joint venture (JV) agreement with Sunstone Development relating to the establishment and operation of a new JV company namely Shandong Sunstone and PMB Carbon Ltd Co in China.

Press Metal has approved a second interim single tier dividend of 1.5 sen per ordinary share, payable on Sept 19, 2018.

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