Lower costs, favorable Q2 income from MSM forex drive

PETALING JAYA: MSM Malaysia Holdings Bhd reported a net profit of RM14.33 million for the second quarter ended June 30, 2018 compared to a net loss of RM21.45 million a year ago, supported by lower raw material costs and favorable exchange rates.

Revenues for the quarter decreased by 17.06% to RM573.22 million from RM691.11 million due to a reduction of 7% of the total sales volume and a lower average sales price.

For the six months ended June 30, 2018, the group reported a net profit of RM30.14 million against a net loss of RM56.07 million a year ago, while sales decreased 16.18% to RM1.12 billion from RM1.34 billion. .

MSM expects the second half of the year to be challenging given the possible changes in domestic sugar policy and the challenging market environment.

"Notwithstanding this and the recent weakened trend of the ringgit, the group maintains its positive outlook and expects to pursue strategic initiatives to remain resilient and profitable," he said.

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