Press Metal commits to financial discipline and optimisation

Press Metal posts net profit of RM306.12mil on lower revenue of RM3.4bil.

PETALING JAYA: Press Metal Holdings Bhd will be fortifying its position, as it navigates the potential challenges that may arise.

In a filing with Bursa Malaysia, the aluminium company said it remained resolute in its commitment to financial discipline and optimisation, amid dynamic market complexities due to trade tensions, geopolitical concerns, and a high-interest environment.

For the third quarter ended Sept 30, 2023, Press Metal’s net profit dipped to RM306.12mil from RM315.8mil in the previous corresponding period, while revenue was lower at RM3.4bil from RM3.85bil a year earlier.

The company said the lower revenue was mainly due to the softening of metal prices in the third quarter of 2023.

Basic earnings per share stood at 3.72 sen versus 3.83 sen previously.

For the nine-month period ended Sept 30, 2023, Press Metal’s net profit dropped to RM893.88mil from RM1.15bil in the previous corresponding period, while revenue slipped to RM10.27bil from RM11.77bil a year earlier.

Press Metal said the market appeared to be consolidating at the present level, fuelling its cautious optimism on increasing market activities, moving forward.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

PETRONAS Dagangan net profit jumps to RM943.07mil in FY23
Allianz Malaysia's FY23 net profit rises to RM730.9mil
Fajarbaru posts strong 1H24 results
FGV 4Q net profit tumbles 79% to RM72mil
LPI Capital net profit up 44% to RM78.6mil in 4Q
SC charges three individuals for unlicensed capital market activities
Bursa finishes lower, tracking regional peers
Capital A looks to raise US$400mil equity from aviation business merger, group chief says
Oil extends losses after dollar rises on shifting interest rate outlook
SC, Bursa Malaysia commit to three-month approval period for IPOs on Main, ACE Markets

Others Also Read