PETALING JAYA: Perusahaan Sadur Timah Malaysia Bhd
(Perstima) says high global inflation and economic slowdown have resulted in lower sales of its tinplates business in Malaysia and Vietnam.
In a filing with Bursa Malaysia, the company noted its revenue for the first quarter ended June 30 (1QFY24) fell 46% year-on-year to RM239.2mil due to lower sales volume coupled with lower selling price.
The company suffered a net loss of RM9.2mil or loss per share of 7.15 sen for the quarter due to a provision of RM8.1mil and unrealised loss of RM7.8mil coupled with lower sales volume and lower profit margin in the period.
Perstima expects its operating environment to remain challenging, underpinned by bearish sentiment on tinplate supply and demand as well as the continuous weakening of the ringgit against dollar.
