Malaysia-based steel producer Malaysia Steel Works (KL) Bhd (Masteel) has announced its financial results for the first quarter of the current year, posting a net profit of RM 17.72 million ($4.45 million), rising by 25.8 percent year on year.
Malaysia Steel Works’ revenues amounted to RM 434.8 million ($109.3 million) in the first quarter, up 24.6 percent year on year.
The company stated that the increase in revenue and profit in the given quarter were mainly attributed to higher selling prices and higher volumes due to the strengthening of local steel prices and stronger domestic demand.
According to Masteel’s statement, the commencement of Ramadan festivities as of mid-May and the announcement by the Malaysian government of the reduction of the goods and services tax to zero from June 1 this year has softened demand for its products. The company expects demand to improve during the second half of the year.