KUALA LUMPUR, Aug 22 — Sugar refiner and trader MSM Malaysia Holdings Bhd posted a net loss of RM34.07 million for the second quarter ended June 30, 2022 versus a net profit of RM13.47 million a year ago due to high input cost from mainly raw sugar, freight, natural gas and the weakening ringgit.
Revenue was RM624.20 million for the quarter under review against last year’s RM554.10 million, RM70.10 million, or 12.7 per cent higher due to a rise in overall average selling price, it said in a filing with Bursa Malaysia today.
On a half year basis, it has a RM61.75 million net loss against a net profit of RM44.65 million a year ago. Total revenue for the six months ended June 30, 2022 stood at RM1.22 billion versus RM1.07 billion a year earlier. No dividend was declared for the quarter.
On prospects, MSM said the group recognises the current challenging environment amidst high input costs.
“Other input costs such as packaging materials, wages and inland logistics have also increased significantly. The domestic and export markets are seeing stronger demands which provide growth opportunities and consumption recovery,” the filing said.
It will focus on meeting demand by improving operations to attain lower refining cost, it added. — Bernama
