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This article first appeared in The Edge Financial Daily on August 17, 2017

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd, the largest integrated aluminium producer in Southeast Asia, posted a net profit of RM150.17 million for the second financial quarter ended June 30, 2017 (2QFY17), up 2.8% from RM146.07 million in 2QFY16, driven by a higher revenue.

Quarterly revenue surged 31% to RM2.08 billion from RM1.59 billion a year ago.

The jump in revenue was mainly due to the additional production output generated by its Samalaju phase 2 smelting plant and higher metal prices in 2QFY17 compared with 2QFY16, the group said in a bourse filing yesterday.

Press Metal declared an interim dividend of 1.5 sen per share, to be paid on Sept 20. The ex-date for the dividend is Aug 30.

For the first half of FY17 (1HFY17), Press Metal achieved a record-high net profit of RM298.22 million, an increase of nearly 24% from RM240.63 million a year ago.

Revenue for 1HFY17 surged 42.6% to RM4.1 billion, from RM2.88 billion in 1HFY16.

Press Metal group chief executive officer Datuk Paul Koon said the group will continue its efforts to enhance its plant efficiency and expand its value-added product lines to further widen margins.

“We are very pleased with our record profit in the first half of 2017, which is our first year running on designed smelting capacity of 760,000 tonnes per annum,” he said in a statement yesterday.

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