Melaka based Malaysian steel manufacturer CSC Steel Holdings reported that its net profit for the April-June 2022 quarter rose by 10.9% YoY to MYR 17.07 million due to 60% surge in revenue, mainly due to higher sales quantity and better selling price, to MYR 519.6 million from MYR 324.48 million. Net profit for H1 of 2022 declined by 21.8% YoY to MYR 29.12 million amid increase in production cost, while revenue was MYR 974.66 million, up 31.6% YoY on higher steel price, despite sales tonnage being in decreasing trendsGoing forward, CSC Steel said the steel demand will remain sluggish in the third quarter due to domestic labour shortages, high inflation, postponement of projects, and the slow absorption of the previously high-priced steel stock. Furthermore, the group said the influx of cheap steel imports and the imbalance of supply and demand keep causing steel prices to tumble. It said “The overall regional market sentiment is expected to improve after the inventories are consumed at the end of the quarter, and likely to remain cautious due to market volatility. Barring any unforeseen circumstances, the group is cautiously optimistic to achieve profitability for the year.”CSC Steel is a Taiwanese- owned steel producer that specializes in galvanized steel products and color- coated steel products for the building material industry under our proprietary brand names –realzinc and realcolor. It also produces pickled and oiled steel coils and cold- rolled steel coils. CSC Steel is 46.3% owned by China Steel Asia Pacific Holdings. Among its top 30 shareholders include Neoh Choo Ee & Company, Dynaquest, former Lysaght Galvanized Steel MD Mr Liew Hoi Foo, as well as former Komarkcorp Executive Director Mr Lim Pei Tiam.
Melaka based Malaysian steel manufacturer CSC Steel Holdings reported that its net profit for the April-June 2022 quarter rose by 10.9% YoY to MYR 17.07 million due to 60% surge in revenue, mainly due to higher sales quantity and better selling price, to MYR 519.6 million from MYR 324.48 million. Net profit for H1 of 2022 declined by 21.8% YoY to MYR 29.12 million amid increase in production cost, while revenue was MYR 974.66 million, up 31.6% YoY on higher steel price, despite sales tonnage being in decreasing trendsGoing forward, CSC Steel said the steel demand will remain sluggish in the third quarter due to domestic labour shortages, high inflation, postponement of projects, and the slow absorption of the previously high-priced steel stock. Furthermore, the group said the influx of cheap steel imports and the imbalance of supply and demand keep causing steel prices to tumble. It said “The overall regional market sentiment is expected to improve after the inventories are consumed at the end of the quarter, and likely to remain cautious due to market volatility. Barring any unforeseen circumstances, the group is cautiously optimistic to achieve profitability for the year.”CSC Steel is a Taiwanese- owned steel producer that specializes in galvanized steel products and color- coated steel products for the building material industry under our proprietary brand names –realzinc and realcolor. It also produces pickled and oiled steel coils and cold- rolled steel coils. CSC Steel is 46.3% owned by China Steel Asia Pacific Holdings. Among its top 30 shareholders include Neoh Choo Ee & Company, Dynaquest, former Lysaght Galvanized Steel MD Mr Liew Hoi Foo, as well as former Komarkcorp Executive Director Mr Lim Pei Tiam.
