Kuala Lumpur, 30th August 2010 – Integrated steel manufacturer MalaysiaSteel Works (KL) Bhd (Masteel) recorded robust earnings with strong year-onyeargrowth in net profit for the first half of its current financial year from a netloss of RM32.4 million to RM14.4 million in net profit and a jump of turnover of43% from RM299.9 million to RM427.8 million.
The main market listed company reported a profit before tax of RM8.1 millionon a revenue of RM235.7 million for the second quarter ended 30 June 2010,against a net loss of RM2.0 million on a revenue of RM169.8 million in thecorresponding period last year, representing a major turnaround of RM10.1million increase in net profit.
Managing Director and Chief Executive Officer, Dato’ Sri Tai Hean Lenghighlighted that the company’s outlook for the second half, remains strongdue to the steady increase in construction activities in Malaysia together withthe rest of South East Asia, the demand for the steel billets and bars isexpected to remain firm for the rest of the year.
“Selling prices are expected to be on an uptrend and margins are likely toimprove in tandem also” he said.
Revenue: RM235656k
PBT: RM8263k
Profit for period: RM8070k
EPS: 4.06sen
About Masteel
Malaysia Steel Works (KL) Bhd or its stock name, Masteel, is listed on theMain Market of Bursa Malaysia Securities Berhad. It is involved in themanufacturing of high-tensile deformed steel bars, mild steel round bars andsteel billets. It exports 30% to 40% of its products and has 68 domesticdealers and several international trading houses as partners in Singapore,Thailand, Vietnam and the Philippines.
Masteel is one of the top five integrated steel companies in Malaysia andcurrently commands a market share of about 10% of the industry.
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