Malaysia-based steel producer Malaysia Steel Works (KL) Bhd (Masteel) has announced its financial results for the third quarter of the current year, posting a net profit of RM 1.24 million ($278,483), compared to a net loss of RM 24.14 million in the corresponding quarter of 2015, mainly due to the higher margin on a lower operating cost.
Malaysia Steel Work’s revenues amounted to RM 275.45 million ($61.72 million) in the third quarter of the current year, down 8.6 percent year on year. The decrease in revenue in the third quarter was mainly attributed to lower sales volume.
According to the company’s statement, a strong upward steel price trajectory is expected to be tempered by the current softness in domestic demand for steel. However, the company is well poised to benefit from any opportunity due to the timely commissioning of its new rolling mill, improved steel making technology and proximity to major markets.