KUALA LUMPUR (May 28): Ann Joo Resources Bhd reported a net profit of RM73.62 million in the first quarter ended March 31, 2021 (1QFY21) from a net loss of RM30.56 million a year ago, helped by gains across all key segments, thanks to improved margin amid higher selling prices.

Earnings per share was booked at 13.64 sen, from losses per share of 5.66 sen, the group's stock exchange filing showed.

Across segments, Ann Joo saw a swing to profit for its manufacturing segment as well as its investment holding and property management segment, while trading segment earnings also rose more than five-fold.

Quarterly revenue rose 29.4% to RM576.69 billion from RM445.67 million, again as all segments grew with manufacturing being the bigger contributor.

The group has declared a dividend for RCPS holders at 1.25 sen apiece.

On prospects, Ann Joo expects further impetus for growth, particularly for long products, from mega infrastructure projects globally, while domestic demand is expected to remain lacklustre.

Meanwhile, efforts by certain governments, including China, to curb the surge in steel prices can also trigger steel price corrections and substantial market volatility, it said.

Ann Joo shares rose 12 sen or 4.98% to close at RM2.53 today, valuing the steelmaker at RM1.42 billion.