KUALA LUMPUR (Dec 6): LB Aluminium Bhd's net profit jumped 81% year-on-year for the second quarter ended Oct 31, 2022 (2QFY2023), thanks to higher average selling prices and improved margin in its aluminium products segment.
Net profit rose to RM12.35 million in 2QFY2023 from RM6.83 million in 2QFY2022, on the back of RM206.09 million revenue, a 30% increase from RM158.84 million, said the aluminium extrusion manufacturer in a stock exchange filing on Tuesday (Dec 6).
For the first six months of FY2023 (1HFY2023), the group's net profit more than doubled to RM24.86 million from RM9.87 million in 1HFY2022, while revenue grew 58% to RM433.15 million from RM273.39 million.
Going forward, the group said stabilising global aluminium prices and the strengthening of the ringgit against the US dollar augur well for its prospects, as its raw material is priced in US dollar.
The group, which is 30% owned by executive chairman Tan Sri Leow Chong Howa, also expects demand for its aluminium products to be sustained, given the growth trajectory of Malaysia and global economy.
Shares of LB Aluminium, which have fallen 22.5% from its year-to-date high of 57 sen in March, closed one sen or 2.2% lower at 44 sen per share, giving the group a market capitalisation of RM191.33 million.
- Why Reliance Industries stock closed over 3% higher today
- Don't Sell W.W. Grainger, Inc. (NYSE:GWW) Before You Read This
- AB InBev's Asia business jumps more than 4% in first day of Hong Kong trading - CNN
- Ford to stop selling sedans in North America in face of unstoppable crossover onslaught
- Slower growth and higher prices expected; health care reform remains top priority
- Anatomy of a 97,000% drug price hike: One family's fight to save their son
- Gas prices tell several stories across Abilene and the rest of Texas
- Diesel emissions cost estimate of $812M dings Fiat Chrysler profits
- Ford mired in drama as profit sinks, yet 'family' keeps faith
- A Profitable Uber, WeWork Will Be Bad for Inflation
- Primark profits to rise as markdowns and stock management pay off
- Dell Beats Profit Estimates on Higher Desktop Sales
- Can Hyster-Yale Materials Handling, Inc. (NYSE:HY) Improve Its Returns?
- Don't Sell First Financial Northwest, Inc. (NASDAQ:FFNW) Before You Read This
- Boyle column: Yes, gas prices are way higher in the mountains. Here's why
- Should You Be Tempted To Sell Marsh & McLennan Companies, Inc. (NYSE:MMC) Because Of Its P/E Ratio?
- Apple's iPhone X keeps selling as Q3 services revenue soars
- Samsung Electronics posts 5.2% rise in Q2 profit
- Tesla CEO Elon Musk Heads Down Perilous Road in Pursuit of Profit
- How For-Profit Cosmetology Schools Entangle Students in Debt
LB Aluminium’s 2Q net profit jumps 81% as margin improves with higher selling prices have 419 words, post on www.theedgemarkets.com at December 6, 2022. This is cached page on Business News. If you want remove this page, please contact us.