Press Metal Aluminium earnings up 6.9% in Q2

PETALING JAYA: Press Metal Aluminium Holdings Bhd’s earnings was up 6.9% to RM160.6 million in the second quarter ended June 30, 2018 (Q2 2018) from RM150.2 million in the previous corresponding quarter mainly due to revenue recognition from a new subsidiary and higher metal price.
The group told the stock exchange it completed the acquisition of Leader Universal Aluminium Sdn Bhd (LUA) last March, wherein its revenue was consolidated into the group in Q2 2018.
Revenue for the quarter rose 24.7% to RM2.4 billion, from RM1.9 billion in the same period last year.
For the six months period, its net profit jumped 4.3% to RM311 million, against RM298 million a year ago, while revenue increased 17.3% to RM4.56 billion, from RM3.89 billion previously.
On its prospects, Press Metal said that its plan to increase its value-added products from its smelting operations is panning out well and on track to achieve 50% contribution by year-end.
Barring unforeseen circumstances, the group expects to achieve a satisfactory result for the remaining of the year.
Its shares tumbled 11 sen or 2.25% to RM4.79 today with 1.59 million shares done.