MSC earnings tumble on stronger ringgit

Pursuant to the completion of the proposed share split, the company will also offer a bonus issue of up to 200 million new subdivided shares on the basis of one bonus share for every one split share. (File pic shows workers at the tin smelting plant in Penang.

PETALING JAYA: Malaysia Smelting Corp Bhd’s (MSC) earnings tumbled by nearly 64% year-on-year (y-o-y) in its first quarter ended March 31, mainly due to the stronger ringgit.

The tin miner and metal producer said in a filing with Bursa Malaysia that its net profit in the first quarter had fallen to RM4.58mil compared to RM12.62mil a year earlier.