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Home / [The Star] Masteel profit sends shares up

KUALA LUMPUR: Shares in Masteel’s traded at the top of the gainers’ list on Bursa Malaysia after the company posted over 30-fold rise in third quarter net profit.

Masteel shares traded 15.5%, or 20 sen higher at RM1.52, its all time high. It is also one of the top traded counter with 24 million shares traded.

The company’s net profit for the third quarter surged by more than 30 times to RM38.67mil from RM1.24 million a year ago, thanks to higher selling prices of steel bar and increased sales volume.

Revenue for the third quarter ended Sept 30, 2017 grew 45.7% to RM401.4mil from RM275.4mil a year ago.

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