Bernama reported that Malaysia Steel Works Bhd or Masteel is currently waiting for the next presentation to the Economic Council to seek approval for the proposed Iskandar Malaysia's commuter rail project.

In filing to Bursa Malaysia, Masteel said barring unforeseen circumstances, the presentation was scheduled to be held in the first quarter of 2012.

The company said over the past three months, it had held meetings with the officials from the Ministry of Transport.

The company said it had presented and discussed with the ministry, Keretapi Tanah Melayu Bhd and Railway Asset Corporation on the various operational requirements of Metropolitan Commuter Network Sdn Bhd.

MCN is a JV company set up between Masteel and KUB Malaysia Bhd to pursue the rail transit network project in the Iskandar Development Region.

Both parties had on January 19th 2011, signed a Heads of JV agreement to combine their capabilities and resources to cooperate and collaborate with each other in the JV company.

Masteel's pre tax profit for the third quarter ended September 30th 2011 rose to MYR 17.46 million from MYR 5.43 million in the same quarter 2010.

Revenue increased to MYR 300.31 million from MYR 285.03 million previously.

(Sourced from www.bernama.com)