Friday 29 Mar 2024
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KUALA LUMPUR (July 31): Tinplate exporter Perusahaan Sadur Timah Malaysia Bhd’s (Perstima) first quarter net profit jumped by 328 percent to RM12.14 million from RM2.84 million a year earlier, thanks to higher profit margins despite lower sales volume.

Earnings per share for the quarter ended June 30, 2018 rose to  12.22 sen from 2.86 sen, the group said in a filing with Bursa Malaysia.

Quarterly revenue rose slightly to RM238.83 million from RM237.5 million previously.

Perstima said revenue from its Vietnam operations increased 19.7% year on year thanks to higher sales volume with a higher selling price.

In Malaysia, revenue decreased 6.8% due to lower sales volume despite a higher selling price.

On the current year’s prospects, Perstima said the operating environment remains challenging and competitive due to higher presence of imports, in addition to a volatile ringgit.

However the group will continue with its production efficiency, cost-saving measures and marketing efforts to maintain profitability, it said.

Perstima’s shares closed up 20 sen or 4.31% at RM4.84, for a market capitalisation of RM476.66 million.

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