KUALA LUMPUR: MSM Malaysia Bhd posted a net profit of RM15.8mil in the first quarter ended March 31, 2018 compared with a net loss of RM34.6mil in the same period a year ago due to lower raw material costs and favourable foreign exchange rate.
Its revenue, however, was lower at RM549.06mil against RM640.04mil last year. Its earnings per share for the quarter stood at 2.25 sen against a loss per share of 4.93 sen.
In a filing with Bursa Malaysia, MSM attributed the lower revenue to a 7% reduction in the overall tonnage sold and lower average selling price.
“The group maintains its positive outlook for 2018 and expects to gain from improved operations, low raw sugar prices and strengthening ringgit in the near term,” MSM said in the notes accompanying its financial report.
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