Press Metal 3Q net profit grows 11.5% to RM315.8mil

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd’s net profit rose 11.5% to RM315.8mil in the third quarter ended Sept 30 from RM283.3mil a year ago, buoyed by improved revenue on the back of production volume expansion and increased share of profits from associates.

Its revenue jumped 33.2% to RM3.85bil as compared to RM2.89bil in the same quarter of the preceding year while earnings per share rose to 3.83 sen against 3.51 sen posted a year prior.

The board declared a third interim dividend of 1.75 sen per share, payable on Dec 30.

For the first nine months to Sept 30, Press Metal’s net profit jumped 54% to RM1.15bil, from RM744.6mil in the previous corresponding period, while revenue rose 54% to RM11.8bil from RM7.63bil.

Group chief executive officer Tan Sri Paul Koon said apart from weakened aluminium price, its third quarter results were impacted by relatively high anode price and other raw materials, coupled with high freight costs which were contracted earlier.

“On the back of global macroeconomic uncertainties and recession fears weighing on short-term demand outlook, we continue to stay vigilant in managing our operation efficiency and financial discipline.

“Meanwhile, we actively pursue our agenda for strategic growth as our strong cashflow generation enables us to steadily improve our balance sheet and be ready for any opportunities,” he said in a statement.

He added that Press Metal made a significant development in its partnership with

Glencore by inking a 10-year alumina supply and aluminium offtake agreements.

“Sharing identical philosophies in supporting a low carbon economy and climate commitment, we leverage on this strategic partnership to identify investment opportunities within our value chain,” Koon said.

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