{"id":2727,"date":"2020-11-20T11:04:00","date_gmt":"2020-11-20T11:04:00","guid":{"rendered":"https:\/\/masteel.investor.net.my\/?p=2727"},"modified":"2020-11-21T11:08:36","modified_gmt":"2020-11-21T11:08:36","slug":"theedge-masteel-returns-to-black-in-3q-on-better-margin-demand-rebound","status":"publish","type":"post","link":"https:\/\/masteel.investor.net.my\/theedge-masteel-returns-to-black-in-3q-on-better-margin-demand-rebound.html","title":{"rendered":"[TheEdge] Masteel returns to black in 3Q on better margin, demand rebound"},"content":{"rendered":"\n<p>By Justin Lim<\/p>\n\n\n\n<p>KUALA LUMPUR (Nov 20): Integrated steel maker Malaysia Steel Works (KL) Bhd (Masteel) returned to black with a net profit of RM3.77 million in its third quarter ended Sept 30, 2020 (3QFY20), from a net loss of RM22.53 million in the previous quarter, as it saw better margin and a rebound in demand for its steel products, amid a strong recovery in the international and local steel market.<\/p>\n\n\n\n<p>Revenue more than doubled quarter-on-quarter to RM417.49 million from RM195.63 million, thanks to higher selling price and volume, its stock exchange filing today showed.<\/p>\n\n\n\n<p>Year-on-year, however, its net profit was down 96% from RM86.73 million in 3QFY19, mainly because the previous year had recorded a land revaluation gain of RM76.65 million.<\/p>\n\n\n\n<p>Profit before tax, meanwhile, tripled y-o-y to RM6 million from RM2.1 million, while revenue jumped 54% from RM270.6 million previously, in line with global recovery of demand for steel and lower operating expenses.<\/p>\n\n\n\n<p>For the cumulative nine months period ended Sept 30, it recorded a net loss of RM22.94 million versus a net profit of RM67.66 million a year ago, though revenue rose 20% to RM1.01 billion from RM845.45 million.<\/p>\n\n\n\n<p>On prospects, the company expects to see a steady improvement in its financial performance in the coming quarters, driven by improved demand for its steel products and operating margins.<\/p>\n\n\n\n<p>The group believes it would be able to ride on the recovery wave in the construction sector, which it expects will be a catalyst to drive demand for steel products.<\/p>\n\n\n\n<p>Masteel&#8217;s share price closed up half a sen or 1.56% to 32.5 sen today, giving it a market capitalisation of RM146.37 million.<\/p>\n\n\n\n<p>Edited by Tan Choe Choe<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Justin Lim KUALA LUMPUR (Nov 20): Integrated steel maker Malaysia Steel Works (KL) Bhd (Masteel) returned to black with a net profit of RM3.77 million in its third quarter ended Sept 30, 2020 (3QFY20), from a net loss of RM22.53 million in the previous quarter, as it saw better margin and a rebound in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - 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