KUALA LUMPUR (Aug 23): Perusahaan Sadur Timah Malaysia Bhd (Perstima), the manufacturer of tinplate and tin free steel, takes on a cautious view on the outlook for the financial year ending March 31, 2022 (FY2022) due to the unprecedented levels of uncertainty and volatility in the market.

Managing director Hiroaki Yano said the group expects its business to be supported in FY2022 by a strong balance sheet built over the years and continuous support from customers.

“The financial year ending March 31, 2022 is expected to be very challenging for most businesses as a result of the Covid-19 pandemic.

“The group intends to continue to deliver sustainable value to shareholders through risk management and close monitoring on the profitability of business moving forward,” he said in the company’s annual report released today. 

Yano said the recent global Covid-19 cases rebounding also pose a threat to group operations but the ongoing global Covid-19 vaccination programmes had been a positive sign for FY2022.

He added that Perstima would be well prepared for the economic recovery in future years.

Meanwhile, the annual report also revealed that the group’s financial year ended March 31, 2021 (FY2021) revenue was reduced by 3.2% year-on-year to RM832.5 million, due to lower sales volume, reflecting challenging and competitive global market trends.

“Our segment in Malaysia experienced a tough and challenging year. As the company’s major customers are based in Malaysia, the higher presence of importation and the imposition of lockdowns by the government due to the Covid-19 pandemic had resulted in a lower selling volume by the company.

“As the market continues to display pessimistic indicators, the management will continue to steer through the challenges and create positive values for the group, moving forward,” he said.