LB Aluminium 2Q net profit tumbles 64.6% to RM12.3mil

KUALA LUMPUR: LB Aluminium Bhd is cautiously optimistic that the group will be profitable for the forthcoming quarter.

The aluminium extrusion manufacturer said the stabilisation of the global aluminium prices augurs well for the group as its primary raw material is aluminium billet.

However, LB Aluminium said the weakening of the ringgit vis-à-vis the US dollar had increased the costs of its imported billets.

“We will continue to closely monitor our operational costs and selling prices to maintain our margins,” it said in a filing with Bursa Malaysia.

For the property segment, the cumulative sales for the Satu Anggota Satu Rumah (SASaR) and PSV 1 Residences @ Platinum South Valley (PSV 1 Residences) as of Oct 31, 2023 were 90.8% and 62.8% respectively, while cumulative construction progress were 35.7% and 21.3% respectively.

“The projects will continue contributing positively to the group as and when we achieve higher sales and work progress,” it added.

In the second quarter ended Oct 31, LB Aluminium’s net profit tumbled 64.6% to RM4.37mil compared with RM12.3mil in the same corresponding period last year.

Revenue for the quarter rose 7.5% to RM221.7mil against RM206.1mil last year.

For the first six months to Oct 31, it posted a net profit of RM8.7mil on revenue of RM427.5mil.

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LB Aluminium , Aluminium , property


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