Leon Fuat Bhd executive director Calvin Ooi Shang How
KUALA LUMPUR: Leon Fuat Bhd
remains cautiously optimistic of achieving positive results for the last quarter of 2023.
“With the challenging global and local economic outlook and to stay competitive, our group will remain vigilant on the movement of steel prices and related foreign currencies and will take proactive measures including negotiating forward contracts, where necessary, as well as prudent inventory management, to reduce any negative impact which may arise therefrom.
“Our group will also continue to enhance the operating capabilities and efficiencies in meeting customers’ requirements and to ensure timely satisfaction of customer orders while keeping our operating costs at a manageable level,” the manufacturer and trader of steel products said in a filing with Bursa Malaysia.
In the third quarter ended Sept 30, Leon Fuat posted a net profit of RM5.3mil, or earnings per share of 1.57 sen compared with a net loss of RM3.2mil, or loss per share of 0.95 sen in the same quarter last year.
Revenue, however, was lower at RM236.3mil against RM263mil in the same period last year.
Leon Fuat posted a net profit of RM27.9mil on revenue of RM687.5mil in the first nine months to Sept 30.
Executive director Calvin Ooi Shang How said the third quarter results underscored its strategic commitment to operational efficiency and profitability.
“Our profit margin improved, despite revenue headwinds, highlighting our ability to navigate market dynamics effectively. With the impending operational commencement of Phase 2 of our facilities in early 2024, we are poised to further enhance our production capabilities and market reach.
“We remain optimistic about our long-term prospects and continue to focus on delivering shareholder value through sustainable and strategic business practices.”
