LB Aluminium records 69.4% surge in net profit for the second quarter

LB Aluminium Berhad, one of the largest aluminium suppliers based in Malaysia, has recorded a surge in its net profit for the second quarter ended on October 31. The profit reportedly grew by 69.4 per cent to RM2.83 million against RM1.67 million in the previous corresponding quarter, mainly attributable to higher sales volume.

Revenue for the quarter increased 12.9 per cent to RM143.29 million, from RM126.94 million in the same period last year.

Revenue from exports also increased by 20.2 per cent to RM46.77 million, primarily due to higher revenue from Canada, Australia, and the United States; reported the company itself in Bursa Malaysia filing.

For the six-month period, LB Aluminium’s net profit up 4.4 per cent to RM5.5 million, from RM5.27 million a year earlier and revenue grew 11 per cent to RM278.94 million compared to RM251.36 million in the previous year.

While commenting on the recent growth, the company paid major tribute to the higher value of the US dollar compared to ringgit as the firm’s exports are priced in the former currency.

The strengthening of the US dollar coupled with the stabilised aluminium prices is also believed to have contributed to the boost of the group’s revenue, according to LB Aluminium.

Barring unforeseen circumstances, the board is optimistic that the group will remain profitable for the forthcoming quarter as well.

LB Aluminium Berhad is in the manufacturing, marketing, and trading of aluminium extrusions and ceiling metal tee products.