KUALA LUMPUR (Nov 22): CSC Steel Holdings Bhd's net profit for the third quarter ended Sept 30, 2019 rose more than threefold to RM10.53 million from RM2.98 million a year earlier, on improved margin underpinned by an increase in domestic sales and favourable raw material cost.

In a filing today, CSC Steel said revenue for the quarter increased 5.1% to RM353.67 million versus RM336.59 million earlier.

For the nine months ended Sept 30, CSC Steel's net profit rose to RM27.74 million versus RM23.97 million previously, on flattish revenue of RM1.03 billion.

On its prospects, CSC Steel said along with the trend in international steel prices, the Malaysia market has taken a wait-and-see approach attributable to the uncertainty in the current steel market.

It said that as the biggest end-consumer of steel, the construction sector has revealed a substantial fall in sales.

"To get through the tough times, the group will adhere to prudence and conservatism, consolidate the domestic market, continue to promote the development of high-grade and high-value products, attentively track the import dynamics to prevent unfair competition, and enhance its competitiveness among other competitors in the domestic market," it said.

CSC Steel said barring any unforeseen circumstances, it is cautiously optimistic of achieving positive results in 2019.

At the midday break, CSC Steel's share price was unchanged at RM1, valuing it at RM380 million.