News Room - Steel Industry

Posted on 05 Aug 2008

Kinsteel net profit triples to RM103mil

Kinsteel Bhd reported net earnings of RM103.3mil for the three months ended June 30, more than three times the RM29.6mil achieved in the previous corresponding period. 

In a statement yesterday, it said this came on the back of a 35% increase in revenue to RM652mil, from RM484.3mil a year ago.

The strong performance was attributed to higher selling prices of the groupa€?s end products and greater earnings contribution from its 51%-owned subsidiary, Perwaja Holdings Bhd.

For the quarter ended June 30, net profit contribution from Perwaja made up some 73% of the groupa€?s profit attributable to shareholders.