Press Metal's aluminum-related business benefits Q3 financial performance
1 Dec 2022 16:46 reported by Joy Liu
Press Metal, a Malaysia-based aluminum producer, reported that its net profit in the third quarter was up by 11% year on year to RM315.8 million, and the revenue increased by 33% year on year to RM3.84 billion, mainly due to the stronger US dollar and higher output. Besides, growth in earnings from alumina, silicon, and anodes businesses have also been drivers of financial performance.
In the first nine months of this year, Press Metal's net profit increased by 54% to RM1.15 billion, and the revenue rose by 54% to RM11.77 billion, both year on year.
Press Metal said that in spite of slightly softened aluminum demand due to macroeconomic recession concerns, global aluminum supply will continue to be curbed by high energy costs and power shortages in some countries.
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