Lower sugar prices push MSM into the red

Despite a sequential pick-up in domestic volumes, the research unit said ASPs have yet to recover due to the protracted glut in sugar supply as a result of approved permits (AP) as well as smuggled sugar

PETALING JAYA: MSM Malaysia Holdings Bhd, the country’s leading refined sugar producer, has registered a net loss of RM7.06mil for its first quarter ended March 31, on the back of lower sugar prices, a 15% increase in the issuance of approved import permits (APs) and a sharp drop in export volumes.

MSM posted a net profit of RM15.8mil during the corresponding quarter last year.