|
|
| |
|
|
Press Metal Aluminium Sturdy Earnings Growth Likely - Kenanga Research-- The 21st China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
12/5/2019 金屬板材展-棒材-線材展 -plate metal expo-wire expo |
--------------------------------------------------------------------------------------------------------------- |
|
Press Metal Aluminium Holdings Bhd’s third quarter ended Sept 30 of financial year 2019results matched expectations, with its core profit rising 29% sequentially to MYR 137.5 million, bringing its core profit for the nine months to MYR 354.7 million. Despite its revenue dipping 1% to MYR 2.12 billion from YR 2.13 billion, its core earnings for 3QFY19 leapt 29% QoQ to MYR 137.5 million, from RM106.5 million, due to stabilising alumina and carbon anode prices, especially as alumina prices normalised to 16% to 17% of aluminium London Metal Exchange price currently above 20% since 2QFY18. However, the slight decline in revenue was primarily due to a lower aluminium market price down 1.3% QoQ to USD 1,872.80 per tonne. Year-on-year, its 3QFY19 core profit plummeted 25% from MYR 183.2 million to MYR 137.5 million, while revenue declined 11% from MYR 2.38 billion, largely attributed to the aluminium market price down 14.3% from USD 2,186.2 per tonne for 3QFY18. The lower earnings were partly cushioned by lower raw material costs. Its 9MFY19 core profit contracted 28% to MYR 354.7 million, from MYR 490 million previously, on a 7% decline in revenue, owing to the same reasons as the aluminium market price fell 15.5% to USD 1,923.8 per tonne, from USD 2,278.8 per tonne for 9MFY18.
Kenanga Research said “While alumina prices have normalised to 16% to 17% of the aluminium LME price now at about USD 285 per tonne from above US$300 per tonne level in 3QFY19, the benefit of the drop in alumina prices should be fully felt from 4QFY19. For FY20 and FY21, we expect a sturdy earnings growth for Press Metal Aluminium on a 42% smelting capacity expansion, cheaper alumina prices and a rising sales composition of high-value products, for instance, billet and wire rod.”
金屬板材展-線材展-金屬加工展-2020第二十一屆廣州國際金屬板材、棒材、線材及金屬加工設備展—全球三大金屬展之一巨浪展覽
-- The 21st China (Guangzhou) Int’l Plate
metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
Plate metal exhibition, Plate metal expo,2020
Plate metal exhibition,2020 Plate metal expo, Bar exhibition, Bar expo,2020 Bar
exhibition,2020 Bar expo, China Bar exhibition, China Bar expo, wire
exhibition, wire expo,2020 wire exhibition,2020 wire expo, Metal Processing
exhibition, Metal Processing expo,2020 Metal Processing exhibition,2020 Metal
Processing expo, China Metal Processing exhibition, China Metal Processing
expo.
|
|
|
|
|
