MSM group chief executive officer Datuk Khairil Anuar Aziz(pic) said: “We expected 2019 to be challenging for the group, due to the glut of refined sugar in the domestic market, and the weakening ringgit.”
PETALING JAYA: The country’s largest sugar refiner, MSM Malaysia Holdings Bhd
, fell into the red with a net loss of RM67.33mil in the second quarter compared to a net profit of RM14.33mil a year earlier.
In a statement yesterday, the group attributed the losses to a lower average selling price (ASP) of refined sugar, a lower ringgit resulting in increased raw material costs, stiff competition in the market and costs associated with MSM’s new refinery plant in Johor.
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