Kuala lumpur: The share price of Press Metal Aluminium Holdings Bhd (Press Metal) experienced a significant rise in early trading following the announcement of robust earnings for the first quarter ending March 31, 2026.

According to BERNAMA News Agency, at 10.38 am, the company's shares increased by 16 sen to RM9.16, with a total of 1.71 million shares exchanged. This surge in share price came after Press Metal reported a remarkable 35.3 percent increase in net profit, reaching RM624.50 million in the first quarter of 2026, compared to RM461.77 million during the same period the previous year.

Additionally, revenue for the quarter saw a rise of 5.2 percent, totaling RM4.10 billion, up from RM3.90 billion. This growth was attributed to higher metal prices and an increase in sales volume.

Hong Leong Investment Bank Bhd has projected stronger earnings for Press Metal in the upcoming quarters, citing the rising aluminium prices and Main Japanese Port (MJP) premiums as contributing factors. Despite this outlook, the bank has adjusted its recommendation, downgrading Press Metal to a 'hold', albeit with a slightly higher target price of RM8.77 per share. This change reflects the market's anticipation of the company's potential supernormal profits amid the ongoing West Asia conflict and elevated aluminium prices.