Press Metal likely to see double-digit profit growth

PETALING JAYA: Press Metal Aluminium Holdings Bhd is likely to record a robust double-digit net profit growth in financial year 2022 (FY22), despite the reduction in aluminium spot prices and a significant uptick in carbon anode prices which will drive production costs up.

The net profit of the largest aluminium smelter in South-East Asia is projected to jump by 50% year-on-year (y-o-y) in FY22, even as Hong Leong Investment Bank (HLIB) Research forecast another round of quarter-on-quarter (q-o-q) decline in net profit for the third quarter of FY22 (3Q22)