^V^
EFY for coming year estimated around 50 million, which is >40% jump from previous profit of 30 million ? guess what will happen to Masteel price by end of 07 ?
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Thursday June 28, 2007
Malaysia Steel Works revenue estimated at RM500m
By SUSAN TAM
SHAH ALAM: Malaysia Steel Works Bhd (Masteel) expects its revenue to grow to about RM500mil by year-end driven by high demand and increase in steel prices.
Managing director and chief executive officer Tai Hean Leng said he was confident of the target as the group’s turnover had touched RM250mil by mid-year.
Speaking to reporters after the company AGM on Thursday, he said Masteel's capacity had risen due to increased investments in the last two years.
The steel industry was expected to benefit from the positive growth and rebound of the construction industry, he added.
The construction sector is projected to turn around this year to register a growth of 3% against a contraction of 0.5% last year.
Masteel’s net profit rose to RM30.01mil for the financial year ended Dec 31, 2006 (FY06) from RM23.3mil in FY05.
Revenue also rose to RM362.22mil from RM306.4mil before.
Tai said the proposed automatic price mechanism (APM) would benefit Masteel.
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