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Metrod 1Q net profit up 12% on forex gain

TheEdge Tue, May 22, 2018 08:40pm - 2 years ago

KUALA LUMPUR (May 22): Metrod Holdings Bhd posted a 12.13% increase in first quarter net profit to RM5.73 million, from RM5.11 million a year earlier, due to a fair value gain on foreign exchange derivatives.

The copper rod producer said revenue for the quarter ended March 31, 2018 (1QFY18) rose 20.77% to RM671.6 million, from RM556.10 million previously, on higher sales volume and increase in copper prices.

In a filing, Metrod said today that it expects satisfactory performance this year, as outlook for its hospitality business is expected to be positive, on the back of improvement in domestic leisure travel and foreign tourist arrival, together with improving business conditions.

Meanwhile, the group said its margins are under significant pressure, and the credit, commercial and security risks are expected to remain high, due to volatile copper prices and currency.

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