KUALA LUMPUR, Nov 13 — Prestar Resources Bhd’s pre-tax profit in the third quarter ended Sept 30, 2009 rose 26.24 per cent to RM16.914 million from RM13.398 million in the corresponding period of last year.
The improvement was mainly due to some recovery in steel prices, local demand as well as the continuous improvement in internal operational processes, it said in an announcement on Bursa Malaysia.
Its revenue fell to RM127.126 million from RM128.237 million.
Nevertheless, the nine months results was still significantly below last year’s performance, due to unprecedented high steel prices recorded in the same period last year.
For the nine months period, its pre-tax profit fell to RM11.426 million from RM52.694 million in the corresponding period last year as revenue dropped to RM326.752 million from RM438.975 million.
The steel industry experienced some recovery during third quarter, but uncertainties such as a softening of prices and inconsistent demand remained, it cautioned.
In view of positive factors arising, such as the full effect of the government’s spending under its stimulus package as well as gradual recovery of global economies, Prestar said its Board of Directors is of the opinion that the performance of the Group will remain satisfactory in the last quarter of the financial year. — Bernama
No comments:
Post a Comment