MSC posts jump in Q3 net profit on record high tin prices

For the nine-month period of 2021, MSC’s net profit rose to RM54mil compared with RM0.2mil in the corresponding period last year, primarily due to higher average tin prices.

KUALA LUMPUR: Malaysia Smelting Corp Bhd’s (MSC) net profit more than doubled in the third quarter ended Sept 30, 2021 (Q3’2021) to RM28.94mil, against RM12.54mil in the same quarter last year thanks to record high tin prices.

Revenue, however, slipped to RM218.48mil from RM230.83mil previously, the tin miner and metal producer said in a filing with Bursa Malaysia yesterday. In a separate statement, group chief executive officer Datuk Patrick Yong said net profit for the tin mining segment rose almost four-fold to RM29mil during the quarter under review from RM7.4mil in the third quarter of 2020.