Malaysia Smelting Corp posts lower net profit

PETALING JAYA: Malaysia Smelting Corp Bhd (MSC) recorded lower earnings for its first quarter ended March 31, as net profit dropped by about 30% year-on-year (y-o-y) to RM17.43mil.

In a filing with Bursa Malaysia, the tin miner and metal producer announced that the lower net profit was primarily attributed to the absence of a favourable inventory valuation adjustment and a higher net foreign-exchange loss.