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Thursday, August 25, 2011

Masteel 2Q net profit surges 92% to RM15.48m (Edge)

Malaysia Steel Works (KL) Bhd net profit for the second quarter surged 92% to RM15.48 million from RM8.07 million a year earlier, due mainly to strong demand in both domestic and overseas markets, as well as improved selling prices.

It said on Wednesday, Aug 24 that its revenue for the quarter rose 43.4% to RM337.98 million from RM235.66 million in 2010.

Earnings per share rose to 7.35 sen from 4.06 sen, while net assets per share was RM2.36.

On its prospects, Tai said Masteel was still optimistic of its financial performance for the financial year ending Dec 31, 2011, notwithstanding the economic headwind in Europe and United States, due to the fact that demand for steel products in the domestic market will continue to be spurred by the upcoming Klang Valley MRT project.

“With Masteel’s factories strategically located in Petaling Jaya and Klang, we are certainly in good stead to be one of the key suppliers of steel bars for the mega project,” he said.

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