KUALA LUMPUR: MSM Malaysia Holdings Bhd
recorded a net loss of RM72.80 million in the third quarter ended Sept 30, 2022 (Q3FY2022), against a net profit of RM96.86 million in the same quarter 2021, attributed to the high input cost.
Revenue, however, rose by 21.8 per cent or RM119.48 million to RM668.13 million from RM548.64 million previously due to the increase in overall average selling price for the group, it said in a filing with Bursa Malaysia today.
The sugar producer said the high input cost was mainly raw sugar, freight, natural gas and the weakening of ringgit.
It said other input costs such as packaging materials, wages and inland logistics have also increased significantly.
However, it said domestic and export markets are seeing stronger demands, which provided growth opportunities and recovery of product consumption including sugar across consumer and industrial segments.
"The group remains focused in meeting these demands by improving our operations, particularly focused on MSM Johor ramp-up to attain lower refining cost with higher efficiency.
It said the company would ensure consistent supply of sugar is made available to the market.
"We continue to engage the government for all necessary economic support in ensuring food security despite the challenges,” it added. - Bernama
