MSM posts RM28mil net loss in 1Q

KUALA LUMPUR: MSM Malaysia Holdings Bhd posted a net loss of RM27.68mil in the first quarter ended March 31 from a net profit of RM31.18mil a year prior.

“This was largely due to higher production cost driven by 29% higher buoy raw sugar futures (NY11), 57% increase in freight cost and weaker ringgit. The group’s refining cost also recorded an increase of 28%, largely driven by an 86% increase in gas cost,” the refined sugar producer said in a statement.