Press Metal posts higher Q1 net profit

Press Metal (Sarawak) Sdn Bhds first aluminium smelter plant in Sarawak is located at Mukah. This plant is a twin facility, each wing is 750m long. Press Metal (Bintulu) Sdn Bhd is now building an even larger plant at Samalaju, which when operational at the end of this year, will be 1.2km long.

KUALA LUMPUR: Press Metal Bhd, whose shares came under selling pressure in the second half of last month due to concerns of an aluminium glut, posted commendable results for the first quarter ended March 31.

The aluminium smelter announced to Bursa Malaysia a 53.9% year-on-year rise in first quarter net profit of RM43.14mil while revenue increased 17.7% to RM1.056bil from a year earlier.