KUALA LUMPUR: Press Metal Aluminium Holdings Bhd doubled its net profit in the first quarter thanks on record high aluminium prices.
The producer expects the global economic recovery to continue to drive demand, keeping selling prices at elevated levels.
The price of aluminium it said, has strengthened further to US$2,400 a tonne currently.
In the three-month ended March 31, net profit surged to RM205.7mil, or 2.55 sen a share from RM102mil, or 1.27 sen share a year ago.
Revenue rose to RM2.1bil from RM1.8bil previously, Press Metal said in a filing with Bursa Malaysia today.
The company has declared an interim dividend of 0.75 sen share.
“We are looking towards the full commissioning of Phase 3 smelter by the early third quarter of 2021,” Press Metal said.