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This article first appeared in The Edge Financial Daily on August 8, 2017

KUALA LUMPUR: Malaysia Smelting Corp Bhd’s second financial quarter ended June 30, 2017 (2QFY17) saw its return to the black with a net profit of RM9 million, compared to a loss of RM10.3 million in the same period last year, due to better contributions from its associates and joint ventures (JVs).

The share of results of associates and JVs recorded a net share of profit of RM300,000 in the quarter under review, compared to a net share of loss of RM30.9 million in 2QFY16, according to its Bursa Malaysia filing yesterday.

However, quarterly revenue fell 22.3% to RM307.9 million from RM396.3 million a year ago, mainly due to lower tin metal volume sold.

Yet, cumulative six-month net profit is up 47.7% at RM21.6 million compared with RM14.7 million last year, though revenue was down 11.2% to RM714.5 million from RM804.7 million.

“Market conditions are expected to remain challenging as the currency markets and tin prices continue to remain volatile,” said the group’s chief executive officer Datuk Dr Patrick Yong in a separate statement.

“We are looking forward to completing the technological upgrade of our smelting furnace which will improve our cost efficiencies over the long term,” he added.

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