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.