Masteel stages turnaround with RM32.5mil net profit in FY21

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd (Masteel) made a firm turnaround with net profit of RM32.5mil in the financial year ended Dec 31, 2021 (FY21) from net loss of RM14.7mil a year ago, buoyed by the recovery in selling prices of steel products in local and international markets.

Its revenue in FY21 rose 14.2% to RM1.6bil from RM1.4bil in the preceding year, bolstered by the Malaysian market where sales rose 15.8% to RM1.4bil from RM1.3bil previously on stronger demand from the construction sector.