KUALA LUMPUR: Malaysia Smelting Corp Bhd (MSC) made a RM22.1mil net profit in the first quarter ended March 31 as the average tin prices jumped to RM100,115 a tonne from RM69,675 a tonne a year ago.
Revenue was up to RM276mil from RM205mil previously, the company said in a filing with Bursa Malaysia today.
Tin prices surged to 10-year high in March 2021, lifted by buoyant demand for tin solder in consumer electronics, as well as supply disruptions due to lockdowns in tin producing countries around the world (Malaysia included), voluntary production cuts in Brazil and Indonesia, and political turmoil in Myanmar.
According to the Kuala Lumpur Tin Market (KLTM), average tin prices for 1QFY21 climbed 49% higher to US$24,737/tonne, as compared to US$16,656/tonne in 1QFY20.
"The outlook for tin demand is promising from its continued use in semiconductors, electronics, home appliances, photovoltaics, automotive, and lithium-ion batteries," MSC said.