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PETALING JAYA: Press Metal Aluminium Holdings Bhd’s net accumulation for its aboriginal division concluded March 31 fell 24% to RM115.11mil from RM150.48mil in the antecedent agnate period, mainly due to the abrasion of metal amount and abiding aerial raw actual prices.

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Revenue in the aboriginal division was hardly college at RM2.17bil from RM2.13bil in the antecedent agnate period.

In a filing with Bursa Malaysia yesterday, the aggregation said acquirement was college admitting the lower metal amount during the quarter, which was mainly due to the accession from its subsidiary, Press Metal Aluminium Rods Sdn Bhd (PMAR).“Despite the college revenue, margins were lower as a aftereffect of lower realised aluminium prices and abiding aerial raw actual prices stemming from the fractional abeyance of the world’s better alumina refinery in Brazil.”

Commenting on the company’s results, accumulation arch controlling administrator Tan Sri Paul Koon (pic) said in a statement: “Our after-effects are admirable in the accepted bazaar ambiance accustomed some players are in abrogating area due to ascent costs and lower metal prices.

“The argent lining is that this will abash new investments or restarts advancing on-stream appropriately acute any accumulation growth.”

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The aggregation said it charcoal alert of abreast appellation appeal due to barter tensions and geopolitical uncertainties.

However, Press Metal said it expects assembly costs to be lower affective advanced from cone-shaped raw actual prices.

“Global alumina accumulation is accepted to advance and prices to ease, afterwards the Brazilian refinery appear on May 21, 2019 that it has anchored all all-important approvals from authorities and the federal cloister to resume abounding production.

“In addition, carbon anode prices accept beneath from over RMB4,000 to about RMB3,300 per tonne.”

The aggregation added that the aerial raw actual costs and chastened metal prices ambiance will abash new investments.

“We abide to apprehend appeal to outstrip accumulation for this year. The stronger dollar adjoin the ringgit additionally works in our favour,” it said.

Press Metal said it is encouraged by the appeal for our value-added articles (VAPs), abacus that it is assured it can accomplish its 60% VAPs ambition in 2019.

“We abide optimistic in the affairs of the aluminium industry and will abide to actively seek both amoebic and asleep advance opportunities to strengthen our position in the market,” said the company. Press Metal additionally declared a aboriginal acting distinct bank allotment of 1.25 sen per allotment for the banking year catastrophe Dec 31, 2019, to be paid on June 28.

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