Friday 29 Mar 2024
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KUALA LUMPUR (Feb 22): MSM Malaysia Holdings Bhd saw its net profit tumble by 76.5% to RM14.39 million in the fourth quarter ended Dec 31, 2016 (4QFY16) from RM61.26 million due to higher raw material costs and weaker ringgit.

In its filing to Bursa Malaysia today, MSM said its 4QFY16 revenue, however, rose 26.3% to RM838.31 million from RM663.97 million a year earlier, boosted by improved selling price, higher volume of refined sugar sold and higher trading revenue.

For the full year (FY16), MSM posted net profit of RM120.72 million, down 56.1% from RM275.3 million in FY15.

Revenue in FY16, meanwhile, increased by 15.2% to RM2.66 billion from RM2.31 billion.

Moving forward, the group expects to perform in line with the industry, notwithstanding the volatility of commodity prices.

At the noon market break, MSM's share price stood at RM4.45, valuing the group at RM3.13 billion.

 

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