BERNAMA reported that Malaysia Steel Works Bhd has posted a lower pre tax profit of MYR 7.55 million for the third quarter ended September 30, 2012, compared with MYR 17.46 million in the same period last year. The company revenue, however, improved to MYR 312.93 million from MYR 300.31 million.
In a filing to Bursa Malaysia, the integrated steel manufacturer said the higher revenue came from higher sales tonnage from increased sales to the local market.
The lower profit was attributed to higher production costs and weaker selling price encountered during the quarter under review.
On prospects, Managing Director and Chief Executive Officer Mr Datuk Sri Tai Hean Leng said with more Economic Transformation Programme projects in the pipeline, and the seasonal upswing trend expected from export markets, the group was optimistic of ending the year on a positive note.