<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on November 12, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Malaysia Smelting Corp Bhd’s (MSC) third-quarter (3Q) net profit nearly tripled to RM30.55 million or 7.6 sen per share, from RM11.66 million or 2.6 sen per share a year earlier, thanks to a one-off provision write-back of RM48.4 million for tribute payments no longer required.</p></div>

<div class=newsTextDataWrapInner><p>Its revenue for the quarter ended Sept 30, 2019 fell 34% to RM204.31 million, from RM309.43 million previously, due to a lower sales volume of refined tin, the tin miner and metal producer said in a statement. MSC said its tin smelting business was impacted by an inventory write-down to a net realisable value of RM17.3 million, due to slower global tin demand and less favourable tin prices during the quarter.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Nevertheless, its improved quarterly earnings boosted its net profit for the cumulative nine months, up 2.5 times to RM46.64 million versus RM18.7 million for the previous corresponding quarter. Its revenue fell 19% to RM800.84 million.</p></div>

<div class=newsTextDataWrapInner><p>“We see softer demand for tin solder, resulting in a build-up in tin inventories which could lead to a decline in tin prices. Nonetheless, we remain focused on executing our ongoing plans as we strengthen our position in the tin industry,” MSC chief executive officer Datuk Dr Patrick Yong said.</p></div>


KUALA LUMPUR: Malaysia Smelting Corp Bhd’s (MSC) third-quarter (3Q) net profit nearly tripled to RM30.55 million or 7.6 sen per share, from RM11.66 million or 2.6 sen per share a year earlier, thanks to a one-off provision write-back of RM48.4 million for tribute payments no longer required.
...

MSC 3Q net profit jumps on one-off provision

Hong Kong issued its first red rainstorm warning of the year on Saturday as downpours caused flooding in areas of the territory, shutting roads and disrupting public transportation.

Hong Kong issues 2024’s first red storm signal amid flooding

Indonesia will permanently relocate the entire population of an island in North Sulawesi province because a volcano is threatening their safety.

Indonesia’s Ruang becomes ghost island as volcano erupts

The flight instructor and trainee of the Cessna 172 (9M ADA) type training aircraft which crashed in an oil palm plantation in Besout 2 Tambahan plantation, Sungkai near here have been identified as Captain Shahrul Imran Surea, 26, and Ho Jia Lee, 20.

Survivors of Sungkai plane crash identified

The Civil Aviation Authority of Malaysia (CAAM) has confirmed that a Cessna 172N Skyhawk aircraft with the registration number 9M-ADA crashed near Felda Gunung Besout, Sungkai, Perak on Saturday.

CAAM confirms Cessna 172N Skyhawk aircraft crashed near Felda Gunung Besout

The Melaka state government is setting its sights on bolstering its local business landscape by encouraging more companies in the state to be listed on Bursa Malaysia.

Melaka aims to boost local businesses, eyes more listings on Bursa Malaysia

The government is currently studying the proposal from marine robotics company Ocean Infinity to resume the search for Malaysia Airlines Flight MH370, which went missing while en route to Beijing 10 years ago.

Loke: Govt studying Ocean Infinity's proposal to resume search for MH370

Construction work on the East Coast Rail Link (ECRL) project in Kelantan, Terengganu, Pahang and Selangor has reached an average of 65% as of April, said Transport Minister Anthony Loke.

Progress of ECRL project in four states reaches 65%, says Loke

A training aircraft crashed in the Besout 2 Tambahan plantation area in Sungkai on Saturday.

Light aircraft crashes in Sungkai, two passengers survive

Malaysia's latest position in the Press Freedom Index is still considered good compared to the previous government, said Communications Minister Fahmi Fadzil.

Malaysia's press freedom index position is still good, says Fahmi

The Philippines central bank will require financial institutions to submit a report within 24 hours of discovering risks linked to money laundering and terrorist financing, as the Southeast Asian nation steps up its fight against illicit transactions.

Philippines' central bank tightens dirty money risk reporting rule

<p>Retail sales typically slow in the second quarter of the year as consumers take a breather from spending after the festivities in the first quarter. As such, when retailers say their sales fell short of expectations during the two major festive periods so far this year, it is time to pay attention.</p>


Retailers fear current weakness in consumer spending

<p>Will Bank Negara Malaysia’s Monetary Policy Committee follow its Indonesian counterparts by raising interest rates when it holds its next meeting on Wednesday and Thursday?</p>


The Week Ahead: All eyes on Bank Negara’s monetary policy meeting, Xi’s three-nation European trip

<p>Hollywood superstar and acclaimed Malaysian actress Tan Sri Michelle Yeoh has received the prestigious Presidential Medal of Freedom from US President Joe Biden on Friday.</p>


Michelle Yeoh receives Presidential Medal of Freedom from Biden

<p>The flight instructor and trainee of the Cessna 172 (9M ADA) type training aircraft which crashed in an oil palm plantation in Besout 2 Tambahan plantation, Sungkai near here have been identified as Captain Shahrul Imran Surea, 26, and Ho Jia Lee, 20.</p>


<p>King Charles and other senior British royals are to relinquish patronages of almost 200 charities and organisations after a review of their association with more than 1,000 groups, Buckingham Palace said on Saturday.</p>


King Charles and UK royals to relinquish dozens of patronages

<p>The prospect of interest rates remaining elevated as the Federal Reserve (Fed) battles inflation is further clouding the outlook for shares of smaller US companies, which have lagged broader markets this year.</p>


US small caps struggle as elevated interest rates take a toll

<p>The Melaka state government is setting its sights on bolstering its local business landscape by encouraging more companies in the state to be listed on Bursa Malaysia.</p>


<p>Electric vehicle (EV) maker Zeekr Intelligent Technology Holding said on Friday it was targeting a valuation of up to US$5.13 billion (RM24.32 billion) in its US initial public offering (IPO), the first major floatation of a China-based company in more than two years.</p>


China's Zeekr seeks up to US$5.13b valuation in US IPO

<p>A training aircraft crashed in the Besout 2 Tambahan plantation area in Sungkai on Saturday.</p>


<p>Indonesia will permanently relocate the entire population of an island in North Sulawesi province because a volcano is threatening their safety.</p>


<p>Construction work on the East Coast Rail Link (ECRL) project in Kelantan, Terengganu, Pahang and Selangor has reached an average of 65% as of April, said Transport Minister Anthony Loke.</p>


<p>The Civil Aviation Authority of Malaysia (CAAM) has confirmed that a Cessna 172N Skyhawk aircraft with the registration number 9M-ADA crashed near Felda Gunung Besout, Sungkai, Perak on Saturday.</p>


<p>The Kuala Kubu Baharu (KKB) by-election campaign is entering a critical period for all contesting parties and candidates to redouble their efforts to win as many votes as possible.</p>


KKB polls: Parties, candidates redoubling efforts as campaign enters critical period

<p>US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.</p>


Yellen says fundamentals still point to slowing inflation

<p>The government is currently studying the proposal from marine robotics company Ocean Infinity to resume the search for Malaysia Airlines Flight MH370, which went missing while en route to Beijing 10 years ago.</p>


<p>The Philippines central bank will require financial institutions to submit a report within 24 hours of discovering risks linked to money laundering and terrorist financing, as the Southeast Asian nation steps up its fight against illicit transactions.</p>


<p>Google and the US Justice Department wrapped up closing arguments on Friday over claims that the Alphabet unit has unlawfully dominated web search and related advertising, in a case the government contends could shape the “future of the internet”.</p>


Google trial wraps up as judge weighs landmark US antitrust claims

<p>Hong Kong issued its first red rainstorm warning of the year on Saturday as downpours caused flooding in areas of the territory, shutting roads and disrupting public transportation.</p>


<p>Malaysia's latest position in the Press Freedom Index is still considered good compared to the previous government, said Communications Minister Fahmi Fadzil.</p>


<p>This year marks the 30th anniversary of the United Nations’ International Year of the Family (IYF). In the decades since the IYF was proclaimed, demographic shifts, technological transformations, migration, urbanization, and climate change have upended societies around the world. Responding effec...