MSM Malaysia returned to the black in Q3 with a net profit of RM96.86mil
KUALA LUMPUR: MSM Malaysia Holdings Bhd's returned to the black in the third quarter (Q3) ended September 30, 2021, registering a net profit of RM96.86 million from a net loss of RM71.21 million in the same quarter a year ago.
In a statement today, the company said the significant turnaround is contributed by the gain from disposal of a subsidiary, MSM Perlis Sdn Bhd, of RM91.81 million.
Revenue for the quarter eased 7.7 per cent to RM548.65 million from RM594.55 million.
For the nine months, MSM recorded a net profit of RM141.51 million versus a net loss of RM127.47 million, while revenue improved 4.1 per cent to RM1.62 billion from RM1.55 billion.
MSM said this was mainly due to improved margins, lower expenses and lower finance costs due to lower borrowings.
Overall, MSM Malaysia pre-tax profit inclusive of the disposal of MSM Perlis for year-to-date (YTD) is at RM173.93 million.
"We remain cautiously optimistic on the company's turnaround plan and the ability to achieve sustainable growth amidst the rising trend of global raw sugar price.
"The company is working towards improving its efficiency and remains positive of its full-year target performance," MSM Malaysia group chief executive officer Syed Feizal Syed Mohammad said.
He said MSM Malaysia is now focused on improving its yield and capacity utilisation, resulting in lower refining and production cost.
Meanwhile, operation in MSM Johor is on track to complete its second boiler rectification work.
"MSM Johor's production capacity remains one million tonnes per annum and continues to record significant improvement.
"Progressively, MSM Johor is expected to achieve its targeted utilisation factor (UF) rate of 50 per cent by the year-end of 2021 and improve its financial performance in 2022 with forecasted profitability," it said.
https://www.nst.com.my/business/2021/11/748647/msm-malaysia-returned-black-q3-net-profit-rm9686mil
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