KUALA LUMPUR, Aug 29 — Press Metal Aluminium Holdings Bhd (Press Metal) posted a lower net profit of RM305.79 million in the second quarter ended June 30, 2023 (2Q FY2023) from RM409.17 million a year ago in line with the lower revenue and contribution from its associated companies.
In a filing with Bursa Malaysia, the aluminium supplier said its revenue moderated by 6.2 per cent to RM3.76 billion compared to RM4.01 billion in the corresponding quarter of the preceding year (2Q FY2022), mainly due to the weakening of metal price in 2Q FY2023.
The group also declared a second interim dividend of 1.75 sen per share to be paid on September 29, 2023.
For the first half of 2023 (1H FY2023), Press Metal’s net profit declined to RM587.76 million versus RM830.19 million a year ago, while revenue fell 13.9 per cent to RM6.83 billion compared with RM7.93 billion.
Group chief executive officer Tan Sri Paul Koon said aluminium demand had eased amid subdued manufacturing activities worldwide.
“The current weakness in aluminium price can be attributed to soft demand due to market uncertainties rather than aluminium supply propelled by smelter restarts,” Koon said.
“Supply will continue to be constrained by limited renewable energy sources, climate pathway agenda and unpredictable weather challenges,” he said.
He said the company is well-positioned to align its growth with electric vehicle prospects and solar installation advancement.
Koon also noted that energy prices remained significantly higher than multi-year averages prior to the pandemic. — Bernama
