Refinery under-utilisation worries for MSM Holdings

PETALING JAYA: Sugar refiner MSM Holdings Bhd’s lower-than-expected first-quarter financial year 2022 (1Q22) results, particularly losses at its refinery in Johor, are a key concern, say analysts.

The group recorded a core net loss of RM33mil in 1Q22 due to shutdowns and improvement works at its Johor refinery, coupled with higher refining costs.