KUALA LUMPUR: Press Metal Aluminium Holdings Bhd, the biggest aluminium smelter and a outstanding aluminium extruder in Southeast Asia, reported that its net profit for the primary quarter ended March 31, 2022 (Q1 2022), jumped to RM421.02 million from RM205.72 million in Q1 2021.
Its income for the quarter below overview rose 86.6 per cent to RM3.92 billion from RM2.1 billion beforehand, the corporate stated in a submitting with Bursa Malaysia right this moment.
“The substantial improve in income was primarily due to the upper aluminium worth and extra manufacturing output following the total commissioning of its Phase 3 smelting operations in October 2021,” it added.
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Going ahead, with the re-opening of economies and heightened manufacturing actions within the area, the corporate believes that Southeast Asia, being an export hub, ought to see an rising demand for uncooked supplies equivalent to aluminium.
“Leveraging our place as the biggest aluminium smelter on this area, we’re well-positioned to seize this chance as prospects favor to keep away from uncertainties stemming from logistic disruptions and commerce tensions.
“Barring unexpected circumstances, the board expects the group to obtain beneficial outcomes for monetary yr 2022,” it added. – Bernama
