The OM Sarawak operation has just announced record profits on the Malaysian Bursa.
"Meanwhile, the improvement recorded in the Group’s PBT and PATNCI results was mainly due to an increase in the share of profits in associates and, in particular, due to profits recorded from OM Materials (Sarawak) Sdn Bhd, the Group’s 25% associate. The Group recorded a PBT of RM36.05 million in 1Q 2018 from the share of results of its associates, a significant improvement of 972% in comparison to 1Q 2017’s loss of RM4.13 million. This was largely due to OM Materials (Sarawak) Sdn Bhd’s turnaround, whose performance is expected to be sustained if ferrosilicon and manganese alloy prices and production outputs are maintained at their current levels."
This means that OMH recorded a AUS$36.5 million profit for the first quarter 2018, up more than 20% on the last quarter and up nearly 50% since the 3rd quarter.
OMH Price at posting:
$1.15 Sentiment: Buy Disclosure: Held
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