Posted on 01 Sep 2016
Malaysia-based steel producer Malaysia Steel Works (KL) Bhd (Masteel) has announced its financialresults for the second quarter of the current year, posting a net profit of RM 10.67 million ($2.6 million), compared to a net loss of RM 14.15 million in the corresponding period of 2015.
Malaysia Steel Work’s revenues amounted to RM 268.34 million ($65.6 million) in the second quarter of the current year, up 10.7 percent year on year. The increase in revenue and gain incurred in the second quarter were mainly attributed to higher selling prices, sales volumes and margins amid improved market demand and productivity.
According to the company’s statement, domestic steel demand is expected to pick up in the next few months together with better prices. Meanwhile, the preliminary determination of the safeguard duty regarding imports of rebar, wire rod and deformed bar in coils by the Malaysia’s Ministry of International Trade and Industry (MITI) is expected to be finalized at the start of the fourth quarter and a positive result will significantly raise the imported prices of the mentioned products. The company is cautiously optimistic for a more conducive business environment in the months ahead.
