Press Metal’s performance in 3Q was supported by higher average aluminium price environment and increased production output.
KUCHING: Press Metal Aluminium Holdings Bhd’s (Press Metal) profit after tax and non-controlling interests (PATNCI) has increased to RM283.33 million for the three months ended September 30, 2021 (3QFY21).
Revenue in 3QFY21 increased by 55 per cent to RM2.89 billion as compared to RM1.86 billion in the same quarter of the preceding year (3QFY20).
Profit after tax and non-controlling interests (PATNCI) increased to RM283.33 million in 3QFY21 compared to RM121.98 million in 3QFY20.
The performance in this quarter was supported by higher average aluminium price environment and increased production output.
On a year to-date basis, revenue for the nine months up to September 30, 2021 (9MFY21) increased by 40.7 per cent to RM7.63 billion compared to RM5.42 billion while PATNCI for 9MFY21 closed at RM744.63 million.
The company also declared a third interim dividend of one sen per share payable on December 30, 2021.
Commenting on the results, group chief executive officer Tan Sri Paul Koon stated that recovery in global demand for aluminium in the first three quarters of 2021 was driven primarily by economic re-opening and supportive fiscal stimulus policies.
“As a result, aluminium price remained buoyant during the quarter,” Koon said.
“However, the positive sentiments from higher aluminium price were partially offset by the increase in our operating costs stemming from higher raw material prices, increase in consumable prices and persistently elevated logistics cost.
“Power rationing in China poses further uncertainties to global supply chains and raw material prices.
“On top of this, we were also faced with reduced workforce during the MCO period which had an impact on our overall operating efficiency.
“We foresee that these operational challenges will continue to be present in the near term.
“For the period of 3QFY21, the commissioning of our Phase 3 Samalaju smelter (P3) progressed into its final stages after an earlier deceleration in our ramp up due to restrictions and precautionary measures to safeguard our workers’ health.
“Full commissioning of our Phase 3 smelter was achieved in October. Moving forward into 2022, with anticipated increase of production volume, we target to expand into new markets for our value-added products.
“We want to place high emphasis on strengthening our position within the low-carbon aluminium space while also accentuating the ESG culture into our people and throughout our operations.”
from Borneo Post Online https://ift.tt/3cUkxlF
via IFTTT
No comments:
Post a Comment