Press Metal’s profit boosted by higher aluminium prices

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd’s net profit rose 4%, year-onyear, to RM192.56mil in the first quarter ended March 31, 2018, as higher aluminium prices boosted its revenue.

The largest integrated aluminium producer in South-East Asia reported a higher revenue of RM2.12bil for the quarter compared with RM1.93bil recorded a year earlier.

In a filing with Bursa Malaysia yesterday, the company said the financial performance would have been stronger if not for the prolonged high carbon prices, as well as, weaken- ing US dollar.

However, it expected a reversal of high raw material prices in the coming quarters, it added.

Group chief executive officer Tan Sri Paul Koon said Press Metal recognised there would be continuous shifts and reactions in global aluminium markets caused by unsettled development from the US sanctions.

“Recent production volume disruption from Brazil has caused a sudden spike in alumina prices. Our management is closely monitoring the changing market landscape and has control measures in place to respond to price volatilities on both aluminium and raw material fronts,” he said in a statement.

Koon said such external shocks had proven the resilience of aluminium prices, which could benefit producers like Press Metal. “Looking forward, we are focusing on streamlining our acquisition of Leader Universal Aluminium and expanding our value-added capacity.

“We are confident that we will meet the growth target we set for ourselves this year,” he added. — Bernama