By Gho Chee Yuan
KUALA LUMPUR (Jun 30) -- Malaysia's Astino, a building material product maker, said Friday its net profit for the fiscal third quarter rose over 18% on year due to an increase in sales and profit margin.
Net profit for the three months ended Apr. 30 was 11.71 million ringgit ($2.73 million) from 9.92 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue was 1.8% higher at 128.43 million ringgit versus 126.18 million ringgit a year earlier.
Astino expects local steel industry to face a squeeze in profit margin due to weak domestic demand, high production costs and foreign currency volatility. "The group will continue to focus its efforts on improving its operational efficiencies and explore the possibility of producing new metal building material products to penetrate into new market segments - local and overseas," it added.
- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
- Edited by Lopamudra Bhattacharya
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