Midas' Q3 profit up 17.4% to S$9.4m
By Irene Chan, 938LIVE | Posted: 10 November 2009 1923 hrs

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SINGAPORE: Mainboard-listed supplier of aluminium alloy products, Midas, said its third quarter net profit rose 17.4 per cent from a year earlier to S$9.4 million.

Revenue for the three months ended September edged up three per cent to S$37 million.

Midas said the gross profit margin for its aluminium alloy division, which contributes the bulk of its revenue, improved in the quarter due to the decline in raw material costs.

Looking ahead, Midas said the railway industry in China has been boosted by the Chinese railway ministry's plans for new inter-city high-speed trains in the country.

The company said it is on track to more than double its existing annual production capacity of 20,000 tonnes to 50,000 tonnes by the end of next year.

It added that this expansion in capacity will allow it to better cater to market demand and expected increase in customers' orders. - 938LIVE