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Hot Stock Malaysia Smelting Corp jumps 5.42% on firm 1Q net profit
by Cals Wed 11 May 2016, 23:46
- Hot Stock
[size=28]Malaysia Smelting Corp jumps 5.42% on firm 1Q net profit
By Surin Murugiah / theedgemarkets.com | May 11, 2016 : 9:32 AM MYTKUALA LUMPUR (May 11): Shares of Malaysia Smelting Corp Bhd (MSC) jumped 5.42% in thin trade this morning after it recorded a net profit of RM24.9 million in its first quarter ended March 31, 2016 (1QFY16) compared with a net loss of RM2.9 million a year ago, mainly on higher sales of refined tin.
At 9.12am, MSC rose 15 sen to RM2.92 with 29,700 shares done.
A favourable valuation adjustment on tin inventory arising from the higher closing tin price at the end of 1QFY16 and a positive impact from foreign currency translations also contributed to the improved performance.
Its bourse filing today also showed a 7% rise in 1QFY16 revenue to RM408.4 million from RM381.6 million in 1QFY15.
In a separate statement, MSC said although base metal prices, including tin, are recovering from their lows in 2015, the outlook for the global commodity and resource sector is still unstable amid continuing concerns about global macroeconomic issues and Chinese consumption appetite for base metals.
"Despite these challenges and concerns, the underlying core operations of the group comprising Butterworth international smelter and the Rahman Hydraulic Tin Sdn Bhd mine are expected to perform satisfactorily for the current financial year," it said.
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