MSC's 1Q net profit falls to RM7.72mil
KUALA LUMPUR: A one off-additional tax assessment on Malaysia Smelting Corp Bhd's (MSC) subsidiary impacted the group's net profit in the first quarter of 2025 (1QFY25), despite favourable tin prices aiding an expansion the group's quarterly revenue.
During the quarter under review, MSC recorded a net profit of RM7.72mil, less than half the posting of RM18.24mil in the year-ago quarter.
The group reported quarterly revenue of RM369.77mil, up from RM362.48mil in 1QFY24.
According to a statement issued by the tin miner and metal producer, the Inland Revenue Board had raised an additional tax assessment on the group's mining subsidiary, Rahman Hydraulic Tin Sdn Bhd.
For the quarter, the tin mining segment's profit after tax was RM10.8mil, which was below RM14.2mil in the FY24 quarter.
Operationally, however, the group said the tin mining segment remained stable.
The group's tin smelting segment also posted a lower profit after tax of RM4.1mil, compared to RM9.9mil in the year-ago quarter.
It said the moderated performance was mainly attributed to the prolonged effects of low incoming feed stemming from China's tin ore accumulation and stockpiling.
This was in response to, supply challenges at tin-producing countries, including export restrictions in Myanmar and Indonesia, as well as ongoing geopolitical tensions.
"As we continue to navigate a fragile global economic landscape, marked by ongoing trade tensions, protectionist economic policies, and geopolitical uncertainties, we remain focused on what matters most - running our operations efficiently and staying competitive.
"Despite these external pressures, MSC's performance in 1QFY25
demonstrates our resilience and ability to adapt in a complex operating environment," said group CEO Datuk Patrick Yong.
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Borneo Post
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The Sun
2 days ago
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Tax Matters – Should contracts related to employment be stamped?
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