MSM posts net loss of RM34mil in 2Q on higher input costs

MSM group chief executive officer Syed Feizal Syed Mohammad

KUALA LUMPUR: MSM Malaysia Holdings Bhd posted a net loss of RM34.1mil in the second quarter ended June 30 (2Q) compared with a net profit of RM13.5mil a year prior due to high input costs mainly raw sugar, freight, natural gas and weakening of ringgit.

“The widening net loss is mainly due to the prevailing very high production input costs driven by international raw sugar price increasing more than 50%, freight dry bulkers increase by 27%, weaker ringgit and higher refining cost of 29% which derived mainly from higher gas cost of 71% due to oil price increase,” MSM said.