KUALA LUMPUR: Malaysia Smelting Corp Bhd (MSC) said it benefited from higher tin prices as the group's mining and smelting business resumed normal operations with full workforce in the third quarter ended Sept 30.
In the Kuala Lumpur Tin Market, the average tin prices for 3QFY20 increased 11% to US$17,549 a tonne compared with US$15,848 a tonne in 2QFY20.
“Our 3QFY20 results indicate signs of recovery in our operations and financial performance from the temporary disruptions brought about by the strict containment measures," CEO Datuk Patrick Yong said in a statement today.
"Nonetheless, we remain vigilant against the challenging operating backdrop, with economic activities expected to remain subdued, exacerbated by the ongoing trade tensions between the US and China, as well as the Covid-19 pandemic," he added.
Net profit in the three-month ended Sept 30 was RM12.5mil on revenue of RM231mil.
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