Malaysia Smelting Corp sees RM16m profit

Malaysia Smelting Corp Bhd (MSC) posted a net profit of RM15.6 million, against the previous year’s RM13.2 million net loss for its fourth quarter ended Dec 31.

In an exchange filing last Friday, the company noted the improved performance was on the back of higher profit from the sale of by products and the over-provision of tin loss reversal in the tin smelting segment during the quarter.

Revenue for the period stood at RM287.7 million, a 9.67% year-on-year decrease.

For the full financial year 2018 (FY18), the group’s net profit more than doubled to RM34.3 million from RM16.1 million in the previous year due to the group’s tin smelting segment ’s improved performance.

The segment posted a turnaround with a net profit of RM10.2 million against a net loss of RM18.8 million, attributable to the sale of byproducts, lower tin loss, as well as a one-off reversal of impairment losses, gain on disposal and other income.

Revenue for the year stood at RM1.28 billion versus the previous RM1.44 billion in FY17, due to the lower sales volume of refined tin and lower tin prices.

At market close last Friday, MSC’s share price ended 0.59% higher at 85 sen. — TMR

Source : TheMalaysianReserve