KUALA LUMPUR: Press Metal Bhd, whose shares price hit an all-time high yesterday, saw its net profit jump nearly six times to RM146.08 million or 11.24 sen per share for the second quarter ended June 30, 2016 (2QFY16) from RM24.73 million or 1.91 sen per share a year ago, on higher production output and a RM45 million insurance claim.

This was the highest quarterly earnings the group recorded since 4QFY07.

Quarterly revenue was up 67.9% to RM1.59 billion versus RM947.26 million in 2QFY15, due to the additional capacity contributed by its new second phase facility and full production from Phase 1 smelter.

It declared a second interim dividend of three sen per share, amounting to RM39.27 million, payable on Sept 20. This brings its dividend for the year to six sen per share. It paid 1.5 sen dividend last year.

The higher quarterly net profit boosted its first half ended June 30, 2016 (1HFY16) earnings to RM240.63 million or 18.52 sen per share, surging by 254.6% from RM67.86 million or 5.43 sen per share in 1HFY15. The figure represents a 78.2% increase from its full-year FY15 earnings of RM136.17 million.

Revenue jumped 44% to RM2.88 billion from RM2 billion a year ago.

In a filing with Bursa Malaysia yesterday, Press Metal said business outlook is expected to remain challenging for the remaining period this year.

“Commodity prices, including aluminium, seem to have reached the bottom in 1QFY16 and general consensus is that most of the commodities will trade within current range,” it added.

Following the commissioning of its new expansion in 2QFY16, the group expects to achieve a significant higher revenue due to the additional sales volume.

Barring unforeseen circumstances, the group expects to achieve better results in FY16.

Shares in Press Metal closed up one sen or 0.23% to its all-time high of RM4.30 yesterday, with a market value of RM5.62 billion.