2008-06-16 23:45
PRESS METAL - an aluminium extrusion firm - expects 80%-owned its Mukah aluminium smelter plant in Sarawak to start production by Apr 2009 and churn out up to 100,000 tonnes of aluminium annually.
Group CEO - KOON POH KEONG said after the Company's AGM on Jun 10, 2008 that " .... when the plant is ready, we can reduce the country's dependence on imports of aluminium. The country imports about 200,000 tonnes (of aluminium) annually ...".
Construction of the smelter would commence by the 2H-2008, said KOON adding that ALUMINIUM CORP OF CHINA ltd (CHALCO) would provide technology and engineering expertise to PRESS METAL.
" .... In terms of future contribution from the smelter plant, we expect it to be based on the performance of metal (prices on the London Metal Exchange) ..." he said.
KOON added that PRESS METAL would be investing a total of RM700m in the smelter project, of which 70% or RM490m would be financed through borrowings and the balance via internally generated fund. Its net gearing currently stood at 0.8 times.
PRESS METAL had in Feb 2008 entered into a MOU with SYARIKAT SESCO - a unit of state utility SARAWAK ENERGY -to supply 510 MW of electricity from the coal-fired Mukah power plant.
Besides upstream activities, KOON said that PRESS METAL which had a market capitalisation of RM463mon Jun 10, 2008 would focus on expanding its marketing network and producing more value-added products to help improve its profit margin.
For 1QE Mar 31, 2008, PRESS METAL recorded a 54% decline in Net Profit to RM11.43m from RM25.61m in 2007 due to escalating raw material cost, in particular coal used in the power plant.(By KLSETRACKER.com)
" .... In terms of future contribution from the smelter plant, we expect it to be based on the performance of metal (prices on the London Metal Exchange) ..." he said.
KOON added that PRESS METAL would be investing a total of RM700m in the smelter project, of which 70% or RM490m would be financed through borrowings and the balance via internally generated fund. Its net gearing currently stood at 0.8 times.
PRESS METAL had in Feb 2008 entered into a MOU with SYARIKAT SESCO - a unit of state utility SARAWAK ENERGY -to supply 510 MW of electricity from the coal-fired Mukah power plant.
Besides upstream activities, KOON said that PRESS METAL which had a market capitalisation of RM463mon Jun 10, 2008 would focus on expanding its marketing network and producing more value-added products to help improve its profit margin.
For 1QE Mar 31, 2008, PRESS METAL recorded a 54% decline in Net Profit to RM11.43m from RM25.61m in 2007 due to escalating raw material cost, in particular coal used in the power plant.(By KLSETRACKER.com)
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