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aws账号(www.2km.me)_MSC posts jump in Q3 net profit on record high tin prices

admin2021-11-1423

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For the nine-month period of 2021, MSC’s net profit rose to RM54mil compared with RM0.2mil in the corresponding period last year, primarily due to higher average tin prices.

KUALA LUMPUR: Malaysia Smelting Corp Bhd’s (MSC) net profit more than doubled in the third quarter ended Sept 30, 2021 (Q3’2021) to RM28.94mil, against RM12.54mil in the same quarter last year thanks to record high tin prices.

Revenue, however, slipped to RM218.48mil from RM230.83mil previously, the tin miner and metal producer said in a filing with Bursa Malaysia yesterday. In a separate statement, group chief executive officer Datuk Patrick Yong said net profit for the tin mining segment rose almost four-fold to RM29mil during the quarter under review from RM7.4mil in the third quarter of 2020.

The group’s tin smelting operations recorded a net profit of RM4.9mil in the third quarter mainly due to lower smelting capacity as the group gradually restarted its operations following the implementation of phase two of the National Recovery Plan. Additionally, the ageing furnaces at the Butterworth smelter were undergoing restoration, which led to lower furnace days and lower tin yields, he said.

“Tin has been the best-performing base metal in 2021 as prices hit a record high, following the tin supply deficit and robust consumption,” he added. “MSC is a direct beneficiary of favourable tin prices and this trend is expected to persist in the near term in line with rising tin demand in various sectors, including consumer electronics, photovoltaic and electric vehicles.”

For the nine-month period of 2021, MSC’s net profit rose to RM54mil compared with RM0.2mil in the corresponding period last year, primarily due to higher average tin prices, which were at an all-time high of RM121,458 per tonne during the period – 74% higher than RM69,717 per tonne recorded in the corresponding period in 2020.

In tandem with the high tin prices, the group’s revenue expanded 41% year-on-year to RM821.5mil in the first nine months of this year, against RM580.8mil in the same period last year. — Bernama


转载说明:本文转载自Sunbet。

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