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Press Metal net profit lower at RM457.2m in FY20

24 Feb 2021 / 21:28 H.

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd’s net profit was lower to RM457.2 million in the financial year ended Dec 31, 2020 from RM473.97 million in the previous year.

Its revenue for the period under review was also down 14.4 per cent to RM7.54 billion from RM8.8 billion a year ago.

In a filing with Bursa Malaysia today, the company said the decline in revenue was due to the softer aluminium prices in the first half of 2020 during the height of the COVID-19 pandemic.

“During the year, early redemption of the US dollar bond led to a one-off exceptional redemption expenses of RM22.1 million. Our performance would have been stronger if not for this exceptional expense,” it said.

For the fourth quarter ended Dec 31, 2020, its net profit rose to RM142.6 million from RM134.47 million while revenue fell 3.7 per cent to RM2.12 billion from RM2.2 billion previously.

“Decline in revenue was mainly due to the lower extrusion products sales in the fourth quarter of 2020,” it added. -Bernama

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