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Friday, March 1, 2013

Masteel rakes in RM24.44m in pre-tax profit


Malaysia Steel Works (KL) Bhd's (Masteel) pre-tax profit for the financial year ended December 31, 2012 eased slightly to RM24.44 million from RM24.90 million in 2011.

However, revenue rose to RM1.312 billion from RM1.253 billion
previously, the integrated steel maker said in a filing to Bursa Malaysia today.

The group attributed the positive financial performance to the improved operations efficiency as well as lower costs.

Managing director and chief executive officer, Datuk Seri Tai Hean Leng said the group was pleased to have posted positive performance despite the challenging environment in the local steel production industry during the year.

"Our strategic location within the Klang Valley has allowed us to play a key supportive role in nation-building initiatives rolled out last year.

"We also continued to benefit from ongoing strategies to improve
efficiencies at our two plants in Selangor," he said in a statement.

He said with the accelerated implementation of more Economic Transformation Programme (ETP) projects in 2013, the steel products that Masteel produces are expected to remain in high demand.

"As such, we are confident of a strong showing this year, barring unforeseen circumstances."-- Bernama

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