LB Aluminium net profit surges 69% in Q2

PETALING JAYA: LB Aluminium Bhd’s net profit for the second quarter ended Oct 31 surged 69.4% to RM2.83 million, from RM1.67 million in the previous corresponding quarter attributed to higher sales volume.

Revenue for the quarter increased 12.9% to RM143.29 million, from RM126.94 million in the same period last year.

Revenue from exports increased by 20.2% to RM46.77 million mainly contributed by higher revenue from Canada, Australia and the US, the group said in Bursa Malaysia filing.

For the six-month period, LB Aluminium’s net profit up 4.4% to RM5.5 million, from RM5.27 million a year ago, while revenue grew 11% to RM278.94 million, against RM251.36 million previously.

Commenting on its prospects, the group said that the recent weakening of the ringgit against the US dollar is in favor of the group as its exports are priced in US dollar.

It added that the strengthening of the US dollar coupled with the stabilising of the aluminium prices are expected to boost the group’s revenue and bottom line for the remaining of the year.

Barring unforeseen circumstances, the board is optimistic that the group will remain profitable for the forthcoming quarter.

Source: TheSunDaily