MSM M’sia 2Q profit soars 75% yoy to RM92.6m

MSM M’sia 2Q profit soars 75% yoy to RM92.6m
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Thursday, 22 August 2013 18:37

KUALA LUMPUR (Aug 22): MSM Malaysia Holdings Bhd told Bursa it posted a net profit of RM92.6 million for the second quarter to June 2013, registering a 75% rise from RM52.8 million a year ago.

This translates into earnings per share of 13.17 sen, up from 7.51 sen a year ago.

The sugar refiner also recorded a 10.8%-higher revenue of RM605 million, due to higher export sales despite a decrease in average selling price, the company said in a separate press statement.

Net profit for the six months to June 30 increased by 29.6%, to RM154.54 million from RM119.20 million achieved for the first half of last year.

These profits were achieved on the back of slightly higher revenue of RM1.12 billion for the six months to June 30, from RM1.08 billion recorded in the same corresponding period the previous year.

MSM Holdings said the higher profit was due to lower cost of sales.

“The positive performance was also contributed by the increase in export sales, albeit a decrease in average selling price,” it said.

For the future, MSM Holdings said it will continue its plans to upgrade production facilities, expand export sales and pursue strategic investments in new markets in anticipation of both local and global sugar consumption growths.