Financial Highlights

Regarding its prospects, Masteel said the group expects a steady improvement in its financial performance in the ensuing quarters, due to improved demand for its steel products and operating margins

PETALING JAYA: Malaysia Steel Works (KL) Bhd or Masteel posted a 95.7% year-on-year drop in net profit to RM3.8mil for its third quarter ended September 30,2020.

However, it should be noted the RM86.7mil net profit a year earlier was mainly due to a RM76.6mil land revaluation surplus recognised a year earlier.

Revenue for the quarter under review was 54.3% higher year-on-year to RM417.5mil mainly due to higher sales volume and selling price as a consequence in the recovery of global steel demand.

For the nine months under review, Masteel posted a net loss of RM22.9mil compared with a net profit of RM67.6 mil a year ago, while revenue grew 19.6% year-on-year to RM1.01bil.

It also pointed out that the expansionary 2021 Budget has highlighted the projected growth of the Malaysian construction sector of 13.9% in 2021 valued at RM61.34bil.