Malaysia Smelting Corp Bhd chief executive officer Datuk Patrick Yong.
KUALA LUMPUR: Malaysia Smelting Corp
Bhd (MSC) remains committed to pursuing its strategic plans to improve operational efficiencies, according ro chief executive officer Datuk Dr. Patrick Yong.
“For our tin smelting arm, the phased decommissioning of the smelting facility at Butterworth, Penang is on track for full closure by 2025. As we shift the group’s smelting operations to the Pulau Indah smelter in Port Klang, we expect to enhance efficiency through reduced operational and manpower costs.
“Additionally, the Pulau Indah plant utilises a 1.26 megawatt-peak (MWp) solar photovoltaic system, which will further reduce our overall carbon footprint and energy costs,” Yong said in a statement.
In tin mining, MSC is working to boost daily output and overall productivity by using new cost-effective technology, expanding operations, and seeking strategic partnerships.
“Through these initiatives, we are working towards building a strong foundation to ensure MSC’s long-term sustainable growth, positioning the Group to meet future challenges and capitalise on emerging opportunities in the tin industry,” Yong said.
MSC’s net profit tumbled 41.2% to RM16.7mil in the second quarter ended June 30 compared with RM28.4mil in the same quarter last year.
Revenue, however, rose 25.6% to RM410.8mil against RM327mil a year prior while earnings per share (EPS) fell to 4.00 sen from 6.80 sen previously.
For the first half, it posted a 45.3% year-on-year (YoY) lower net profit of RM34.9mil or EPS of 8.30 sen while revenue was higher at RM773.3mil from RM667.1mil.
"In the first half of 2024, we benefitted from favourable tin prices, which contributed to the group’s top-line growth. However, our profitability was impacted by the planned two-month annual maintenance of the top submerged lance furnace, which resulted in lower refined tin output, smelting income and profit during this period," Yong said.
