Prestar’s first-quarter net profit soars

Group managing director Datuk Toh Yew Peng (pic) said the strong performance by most of the subsidiaries was in line with the higher export growth registered by Malaysia.

PETALING JAYA: Steel products and equipment maker, Prestar Resources Bhd, has reported a strong set of financial results in the first quarter ended March 31,2021 (Q1), boosted by firm demand for its steel products.

Net profit for the quarter jumped to RM18.34mil from RM4.06mil a year ago, while revenue increased by 49.6% to RM140.18mil from RM93.70mil. Its earnings per share rose to 9.45 sen from 2.09 sen previously.