LB Aluminium's shares increase more than 5% due to strong net profit in Q2
Views : 93
Update time : 2022-12-07 19:07:21
The share price of LB Aluminium Bhd, a Malaysia-based aluminum extrusion company, increased by more than 5% due to a strong second-quarter net profit.
This occurred in active trade early on December 7 following the aluminum extrusion manufacturer’s net profit rising by 81% yearly for the second quarter that ended October 31, 2022.
Up to today, the stock has increased by 13.41%.
The stabilizing global aluminum prices and strong US dollars make the company's future brighter as its raw material is priced in US dollars. The company expects demand for its aluminum products to be strong with the growth trajectory of Malaysia and the global economy.
The company's net profit went up to RM12.35 million for the second quarter of the fiscal year 2023 due to higher average selling prices and increasing margins for its aluminum product segment. The company's quarterly revenue rose by 30% year on year to RM206.09 million.
