[Ferro-Alloys.com] Malaysia Steel Works Bhd’s net profit jumped 71.63% to MYR 10.08 for the third quarter ended Sept 30, 2019 from MYR 5.87 million year earlier, due to higher tax credit. This is Masteel’s first profitable quarter after three consecutive loss making quarters. Group said its tax credit quadrupled to MYR 7.98 million during the quarter from MYR 1.92 million previously. This was despite a 30.35% decline in quarterly revenue at MYR 270.55 million from MYR388.43 million previously, due to lower sales volume and selling price.
Total consumption of OCTG in the domestic market in the first nine months of 2019 increased by 6% YoY and amounted to 1.8 million tonne. The increase was due to higher demand for tubing. ChelPipe Group shipments increased by 9.8% YoY and amounted to 358 thousand tonne. In the reporting period the Company's share in the OCTG market stood at 19%.