Shah Alam Selangor Leon head quartered Malaysian steel maker Leon Fuat has posted net profit of MYR 14.02 million in April-June 2022 quarter with 35.8% YoY increase in revenue to MYR 250.93 million. For the six months ended June 30, Leon Fuat registered a 32.2% increase in revenue to MYR 523.95 million and a net profit of MYR 37.93 millionLeon Fuat said “We have increased monitoring of steel prices and related currencies and continue to take proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management, to reduce any negative impact which may arise. We saw higher overall revenue on the increased contributions from the trading and processing of steel products, but a combination of lower overall gross profit margin and inventories written down of MYR 13.88 million in the current quarter as certain inventories were measured at its estimated net realizable value weighed on pretax profit.”Leon Fuat was founded in 1972 with the establishment of Leong Huat Trading for trading of steel products. Throughout the years, it has become a specialist in steel trading and processing through the incorporation of LF Hardware, LF Klang, Supreme Steelmakers and ASA Steel. It deals in bars, rods, shafts, sections, coils, plates, sheets as well as welded & seamless pipes
Shah Alam Selangor Leon head quartered Malaysian steel maker Leon Fuat has posted net profit of MYR 14.02 million in April-June 2022 quarter with 35.8% YoY increase in revenue to MYR 250.93 million. For the six months ended June 30, Leon Fuat registered a 32.2% increase in revenue to MYR 523.95 million and a net profit of MYR 37.93 millionLeon Fuat said “We have increased monitoring of steel prices and related currencies and continue to take proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management, to reduce any negative impact which may arise. We saw higher overall revenue on the increased contributions from the trading and processing of steel products, but a combination of lower overall gross profit margin and inventories written down of MYR 13.88 million in the current quarter as certain inventories were measured at its estimated net realizable value weighed on pretax profit.”Leon Fuat was founded in 1972 with the establishment of Leong Huat Trading for trading of steel products. Throughout the years, it has become a specialist in steel trading and processing through the incorporation of LF Hardware, LF Klang, Supreme Steelmakers and ASA Steel. It deals in bars, rods, shafts, sections, coils, plates, sheets as well as welded & seamless pipes
