Masteel 1Q results soar on higher prices

Revenue rose 4% to RM457.4mil versus RM439.7mil previously. Managing director Datuk Seri Tai Hean Leng said. (File pic shows Masteel factory)

PETALING JAYA: 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. Managing director Datuk Seri Tai Hean Leng said operations continued to benefit from the accelerated construction activities since the recommencement of projects last year after stop-work orders were lifted.