High input costs drag MSM into the red in FY22

KUALA LUMPUR: MSM Malaysia Holdings Bhd fell into the red with a net loss of RM178.71 million for the financial year ended Dec 31, 2022 (FY2022) from a net profit of RM125.35 million in the previous year, dragged by high input costs mainly from raw sugar, natural gas and a weaker ringgit.

In a filing with Bursa Malaysia today, the refined sugar producer said its revenue, however, increased to RM2.57 billion in FY2022 from RM2.26 billion previously on higher overall average selling price.