Masteel started to make profits in Q2

Malaysia Steel Works (KL) Bhd (Masteel) made a profit in the second quarter due to high sales volume and steel bar sales prices.

It reported a net profit gain of RM 9.39 million for June 30, 2021, compared to a net loss of RM 22.53 million or a loss per share of 5.11 sen for the same period.

Quarterly revenue increased from RM 195.63 million to RM 353.14 million, up 80.52% year on year.

In the six months to June, Masteel announced a net profit of RM 17.78 million, compared to a net loss of RM 26.7 million in the same period last year. Six-month revenue increased 33.65% from RM 593.27 million to RM 792.87 million.

Datuk Tai Hean Leng, Masteel general manager and CEO, said: "We could have reported an even stronger Q2 if it were not for the implementation of the Full Motion Control Order (FMCO) in June. Improved performance is in keeping with the adaptation to the Covid-19 pandemic situation in Malaysia. supported by the efficiency of our operations."