An aerial view of the Malaysian Smelting Corporation factory at Jalan Pantai, close to Jalan Bagan Luar in Butterworth yesterday. - Starpic Mustafa Ahmad (21/11/2014).
PETALING JAYA: Malaysia Smelting Corp
Bhd posted a 55.8% decline in net profit to RM7.65mil for the third quarter ended Sept 30, 2017 from RM17.3mil a year ago.
In a filing with Bursa Malaysia, the tin metal and tin-based product producer attributed the drop in profits to foreign exchange differences, higher production cost and operating expenses.
Revenue for the quarter under review, however, increased by 24.8% to RM403.2mil compared with RM323.1mil a year ago contributed by higher tin prices and higher sales of refined tin.
Cumulatively, for the first nine months of financial year 2017, Malaysia Smelting’s net profit fell 8.3% to RM29.3mil from RM31.95mil a year ealier.
Revenue for the period dropped marginally by 0.9% to RM1.12bil from RM1.13bil previously.
The company said its tin smelting segment recorded a profit before tax of RM2.3mil in the first nine-month period compared with RM55.3mil a year ago.
It said the decline was mainly due to the absence of a favourable inventory valuation adjustment and favourable foreign exchange differences, lower sales volume, higher production cost and operating expenses.
Its tin mining segment recorded a higher profit before tax of RM36.8mil during the period from RM22.1mil last year mainly due to favourable tin prices.
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