Strong demand for steel products powers Prestar’s earnings

Prestar group managing director Datuk Toh Yew Peng attributed FY20’s strong earnings due to the easing of lockdowns in the third and fourth quarters and also higher demand for the company’s steel pipes and related products.

KUALA LUMPUR: Steel products and equipment maker, Prestar Resources Bhd’s net profit jumped 400% to RM15.76mil in the fourth quarter ended Dec 31,2020 and remains upbeat for this year due to strong demand for its products.

The company said on Wednesday the surge in profit from RM3.11mil a year ago was driven by strong demand and higher selling prices with positive contributions from its steel pipes, guardrails and racking division.