KUALA LUMPUR, Nov 6 — Perwaja Holdings Bhd has posted a lower pre-tax profit of RM13.066 million for its third quarter ended Sept 30, 2009, compared to RM80.345 million in the same quarter last year.
Its revenue fell to RM409.566 million from RM977.953 million previously, the group said in a statement today.
It said the decrease in revenue and profit was mainly due to lower steel prices and a decline in demand resulting from global financial crisis.
For the nine-month period, Perwaja reported a pre-tax loss of RM155.176 million, a reversal from its pre-tax profit of RM302.967 million in the same period last year.
The group’s revenue during the period dropped to RM1.160 billion from RM2.113 billion previously.
Perwaja said it was cautiously optimistic on prospects for the fourth quarter on the continued recovery of the world economy, and in particular the Malaysian economy.
This will spur the demand for steel and steel related products, it said.
It added that the improvement in steel demand, albeit at a slow pace, will depend on, among others, the effects of the government’s stimulus packages, continuous stabilisation of the financial system and return of consumer’s confidence. — Bernama
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