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Higher Sales Volume Lifts Masteel's FY13 Performance
The integrated steel manufacturer's pre-tax profit rose to RM30.73 million during the year from RM24.9 million earlier, while revenue expanded to RM1.375 billion from RM1.312 billion in 2012.
For the fourth quarter, Masteel's pre-tax profit jumped to RM5.82 million from RM2.88 million in the same quarter in 2012, while revenue increased to RM351.96 million from RM315.21 million, the company said in a statement.
Managing Director and Chief Executive Officer Datuk Seri Tai Hean Leng said the group's healthy performance was due to favourable pricing, further complemented by improved manufacturing efficiency.
"This comes on the back of continued demand for steel bars from a robust domestic construction industry," he said.
Going forward, Tai said the company was looking at continuing its growth pace in the current financial year ending Dec 31, 2014, in light of resilient steel demand from the domestic construction industry.
"The group's prospects for FY2014 remains promising, as we stand to benefit from persistent demand for steel bars, especially in the Klang Valley where construction activities are rapidly expanding," Tai added.
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