KUALA LUMPUR, Nov 29 — Press Metal Aluminium Holdings Bhd’s net profit for the third quarter ended September 30, 2022 (Q3 FY2022) rose 11.5 per cent to RM315.80 million from RM283.33 million in the same quarter last year.

In a filing with Bursa Malaysia today, the company said revenue rose 33.2 per cent to RM3.85 billion from RM2.89 billion previously on the back of production volume expansion and increased share of profits from associates.

Group chief executive officer Tan Sri Paul Koon said the company continued to deliver satisfactory financial results despite market challenges from the external environment.

"Apart from weakened aluminium price, our third quarter results were impacted by relatively high anode price and other raw materials, coupled with high freight costs which were contracted earlier.

"On the back of global macroeconomic uncertainties and recession fears weighing on short-term demand outlook, we remain vigilant in managing our operation efficiency and financial discipline. Meanwhile, we actively pursue our agenda for strategic growth as our strong cashflow generation enables us to steadily improve our balance sheet and be ready for any opportunities,” he said.

Despite short-term market uncertainties, longer-term fundamentals for the aluminium industry remain positive, supported by global decarbonisation drive and green initiatives, he added. — Bernama