KUALA LUMPUR: Press Metal Aluminium Holdings Bhd, the largest aluminium smelter and a prominent aluminium extruder in Southeast Asia, reported that its net profit for the first quarter ended March 31, 2022 (Q1 2022), jumped to RM421.02 million from RM205.72 million in Q1 2021.
Its revenue for the quarter under review rose 86.6 per cent to RM3.92 billion from RM2.1 billion previously, the company said in a filing with Bursa Malaysia today.
"The substantial increase in revenue was mainly due to the higher aluminium price and additional production output following the full commissioning of its Phase 3 smelting operations in October 2021,” it added.
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Going forward, with the re-opening of economies and heightened manufacturing activities in the region, the company believes that Southeast Asia, being an export hub, should see an increasing demand for raw materials such as aluminium.
"Leveraging our position as the largest aluminium smelter in this region, we are well-positioned to seize this opportunity as customers prefer to avoid uncertainties stemming from logistic disruptions and trade tensions.
"Barring unforeseen circumstances, the board expects the group to achieve favourable results for financial year 2022,” it added. - Bernama
