KUALA LUMPUR: Malaysia Steel Works (KL) Bhd (Masteel) plans to seek approval for its proposed commuter rail project in Iskandar Malaysia at a presentation to the Economic Council scheduled to be held in the first quarter of 2012.
In an update to Bursa Malaysia yesterday, Masteel said it has over the past three months held a series of meetings with the Ministry of Transport (MoT) on the proposed commuter rail project .
Masteel said it had made presentations and had discussions with Keretapi Tanah Melayu Bhd and the Railway Asset Corp on the various operational requirements of the Metropolitan Commuter Network Sdn Bhd (MCN). MCN is the joint venture company set up by Masteel and KUB Malaysia Bhd to submit a joint proposal to the government for the rail transit network project in Iskandar Malaysia, Johor.
Masteel supplies steel to fabricators that primarily serve the oil, gas and petrochemical industry.
KUB is involved in property, engineering and construction, information technology and food-related industries. Masteel’s net profit for 3QFY11 ended Sept 30 increased four-fold to RM16.19 million from RM4.76 million a year ago due to higher margins for its products.
Pre-tax profit tripled to RM17.46 million from RM5.43 million a year ago on the back of a 5.36% growth in revenue to RM300.31 million.
For the nine-month period, Masteel’s net profit almost doubled to RM37.86 million from RM19.18 million, while revenue grew 28.6% to RM916.71 million from RM712.8 million a year ago.
Quarter-on-quarter, its net profit rose 4.62% to RM16.19 million from RM15.47 million while revenue fell 11.14% to RM337.98 million.
Masteel shares yesterday fell one sen to RM1.05, a 56.9% discount to its net assets per share of RM2.44 as at Sept 30.
This article appeared in The Edge Financial Daily, December 1, 2011.
In an update to Bursa Malaysia yesterday, Masteel said it has over the past three months held a series of meetings with the Ministry of Transport (MoT) on the proposed commuter rail project .
Masteel said it had made presentations and had discussions with Keretapi Tanah Melayu Bhd and the Railway Asset Corp on the various operational requirements of the Metropolitan Commuter Network Sdn Bhd (MCN). MCN is the joint venture company set up by Masteel and KUB Malaysia Bhd to submit a joint proposal to the government for the rail transit network project in Iskandar Malaysia, Johor.
Masteel supplies steel to fabricators that primarily serve the oil, gas and petrochemical industry.
KUB is involved in property, engineering and construction, information technology and food-related industries. Masteel’s net profit for 3QFY11 ended Sept 30 increased four-fold to RM16.19 million from RM4.76 million a year ago due to higher margins for its products.
Pre-tax profit tripled to RM17.46 million from RM5.43 million a year ago on the back of a 5.36% growth in revenue to RM300.31 million.
For the nine-month period, Masteel’s net profit almost doubled to RM37.86 million from RM19.18 million, while revenue grew 28.6% to RM916.71 million from RM712.8 million a year ago.
Quarter-on-quarter, its net profit rose 4.62% to RM16.19 million from RM15.47 million while revenue fell 11.14% to RM337.98 million.
Masteel shares yesterday fell one sen to RM1.05, a 56.9% discount to its net assets per share of RM2.44 as at Sept 30.
This article appeared in The Edge Financial Daily, December 1, 2011.
