MSM cautiously optimistic on turnaround

MSM group chief executive officer Syed Feizal Syed Mohammad

KUALA LUMPUR: MSM Malaysia Holdings Bhd, which posted a net profit of RM96.86mil in the third quarter ended Sept 30, is cautiously optimistic on its turnaround plan.

“We remain cautiously optimistic on the group’s turnaround plan and the ability to achieve sustainable growth amidst the rising trend of global raw sugar price.

“The group is working towards improving its efficiency and remains positive of its full-year target performance,” group chief executive officer Syed Feizal Syed Mohammad said in a statement yesterday.

He added that MSM is now focused on improving its yield and capacity utilisation, which will result in lower refining and production cost.

MSM refinery Pasir Gudang johorMSM refinery Pasir Gudang johor

MSM said the significant turnaround in the third quarter was contributed by a gain from the disposal of a subsidiary, MSM Perlis Sdn Bhd, of RM91.81mil.

Excluding the disposal gains, MSM recorded an operational profit of RM98.5mil in first nine months of 2021.

The sugar manufacturer’s revenue, however, was lower at RM548.64mil during the quarter from RM594.55mil a year earlier.

In the nine-month period, MSM posted a net profit of RM141.51mil compared with a net loss of RM127.47mil previously.

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