Leon Fuat posts RM36mil profit as steel prices surge to multi-year highs

KUALA LUMPUR: Leon Fuat Bhd net profit climbed in the March quarter with steel prices showing no sign of "coming off anytime soon" following recent surge to multi-year highs.

The steelmaker posted a net profit of RM36.1mil in the three-month ended March 31 compared with RM1mil made a year ago.

Revenue jumped to RM211mil from RM120mil previously.

"Steel prices have been advancing worldwide since the second half of 2020 on the expectations of an improving global economic outlook," executive director Calvin Ooi Shang How said.

"Nevertheless, while steel prices show no sign of coming off anytime soon, we are cautious, both for the outlook on prices and the economy as the COVID-19 pandemic shows no sign of abating," he added.

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