Masteel net profit surges 57% to RM13.2mil in 1Q

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd’s (Masteel) net profit jumped 57.4% to RM13.2mil in the first quarter ended March 31, against RM8.39mil a year prior, buoyed by higher selling prices of its steel products.

Revenue rose 4% to RM457.4mil versus RM439.7mil previously, due to the higher selling price of steel products in line with the rising of global steel prices and recovery of the Malaysian economy.