Update MSM Holdings 2Q net profit down 15% to RM 78.70 million, pays 10 sen dividend

by **Cals** Wed 20 Aug 2014, 22:25

Update MSM Holdings 2Q net profit down 15% to RM 78.70 million, pays 10 sen dividend

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Wednesday, 20 August 2014 18:36

KUALA LUMPUR (Aug 20): MSM Holdings Bhd second quarter net profit dropped 15% to RM78.70 million from RM 92.58 million a year ago.

Revenue for the quarter ended June 30, 2014 fell 1.5% to RM595.43 million from RM604.61 million a year ago.

“The profit before tax for the current quarter is RM103 million as compared to RM123 million for the same period in 2013 mainly due to higher gains recorded for raw sugar and foreign exchange hedging last year,” the company said in its filing with Bursa Malaysia.

Net profit for the six months fell to RM 135.04 million from RM154.54 million a year ago

Cumulative turnover for the six months fell as well to RM 1.09 billion from RM 1.12 billion a year ago.

MSM declared an interim dividend of 10 sen per share.

“MSM is focused on consolidating its strengths and reinforcing its position as the Malaysia’s leading sugar producer. We are ready to pursue aggressive growth that will see us expand locally and in the region,” said President and Group CEO Dato’ Sheikh Awab Sheikh Abod.

On prospects, the company said despite the removal of sugar subsidies last October, sales volume for sugar has increased in the first half of the year.

“The sales volume for both domestic and industrial sectors registered an increase from 366,700 metric tonnes in the first half of 2013 to 395,400 metric tonnes in the first half of 2014,”

The company expects to be able to sustain its satisfactory performance.