KUALA LUMPUR (Feb 28): Integrated steel manufacturer Malaysia Steel Works (KL) Berhad (Masteel) posted net profit of RM2.73 million for its fourth quarter ended 31 December 2012 (4Q12), ending its financial year (FY2012) positively with net profit of RM23.9 million.
By comparison, Masteel recorded a net loss of RM13.33 million in 4Q11. In FY2011, its full year net profit was RM24.35 million.
“The positive performance was achieved on the back of improved operations efficiency, as well as lower costs,” said the company in a press statement.
4Q12 and FY2012 revenue stood at RM315.21 million and RM1.31 billion respectively.
It recorded 4Q11 and FY2011 revenue of RM336.66 million and RM1.25 billion respectively.
“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,” said Datuk Seri Tai Hean Leng, managing director and chief executive officer.
He added the company’s steel billet plant is being upgraded to 600,000 MT per annum capacity and it is also building a new mill to raise its steel bar production capacity to 550,000 MT.
“Our increased capacity coming on-stream in 2013/14 will effectively enable Masteel to take advantage of the opportunities in the local market,” Tai said.