Latest news with #PatrickYong
The Star
12-08-2025
- Business
- The Star
MSC posts lower 2Q25 earnings but declares dividend
Malaysia Smelting Corp Bhd group chief executive officer Datuk Dr. Patrick Yong PETALING JAYA: Malaysia Smelting Corp Bhd (MSC) believes that higher energy costs arising from the changes in domestic electricity tariffs will have an effect on the group's performance moving forward. It said it will remain cautious and will continue to emphasise on business competitiveness, operational efficiencies, improvements on operations, technology, manpower, logistics and potential new business developments in its smelting and mining segments. Resulting its results for the second quarter ended June (2Q25) to Bursa Malaysia yesterday, MSC saw net profit fall 16.6% year-on-year (y-o-y) to RM13.9mil, as revenue also slid 7.7% to RM379mil. MSC attributed the lower earnings to lower sales of refined tin and decrease in average tin price of RM139,800 per tonne, which was nevertheless partially offset by higher sales of tin bearing slag and by-products. For the six months ended June, net profit was down 38% y-o-y to RM21.7mil, as turnover edged lower by 3.2% to RM748.7mil. Aside from lower sales of refined tin, the group said a one-off additional tax assessment imposed on its mining subsidiary, Rahman Hydraulic Tin Sdn Bhd was also a factor for the weaker income. MSC declared a dividend of four sen per share for the quarter. Group chief executive officer Datuk Dr. Patrick Yong said the global economic environment remained challenging, shaped by ongoing policy uncertainties, inflationary pressures, and evolving trade dynamics. He noted that although external factors have driven up cost pressures across industries, the group continues to navigate the landscape with prudence and adaptability. 'We remain focused on strengthening our competitiveness through operational improvements, technological adoption, workforce efficiency, and exploring new growth opportunities within our smelting and mining segment.' 'With the Pulau Indah plant now fully operational, our next step is the planned decommissioning of the Butterworth facility. This transition is expected to deliver cost savings and improve overall efficiency, supported by lower energy and manpower requirements, while also aligning with our sustainability goals.' 'In our mining operations, efforts remain centred on boosting daily mining output and overall productivity. This includes expanding our mining footprint, modernised tin processing methods, and potential strategic collaborations to strengthen our long-term prospects.'
The Sun
26-05-2025
- Business
- The Sun
Malaysia Smelting Corporation sees 2% YoY revenue growth despite one-off tax hit
KUALA LUMPUR: Tin miner and metal producer Malaysia Smelting Corporation Bhd (MSC) saw a revenue growth of 2.0% year-on-year (YoY) to RM369.8 million in the first quarter (Q1) ended March 31, 2025 (FY25), as compared to RM362.5 million in Q1 FY24. The growth was primarily fuelled by favourable average tin prices, increasing to RM142,000 per metric tonne (MT) in Q1 FY25 from RM124,900/MT in Q1 FY24. Meanwhile, net profit amounted to RM7.7 million in Q1 FY25, up from RM18.2 million posted in Q1 FY24. This was impacted by a one-off additional tax assessment raised by the Inland Revenue Board on Rahman Hydraulic Tin Sdn Bhd (RHT), the group's mining subsidiary. The tin mining segment's profit after tax (PAT) stood at RM10.8 million in Q1 FY25, compared to RM14.2 million posted in Q1 FY24. The lower contribution was primarily due to the one-off additional tax recognised during the quarter. Operationally, the segment remained stable. Meanwhile, the Group's tin smelting segment posted a PAT of RM4.1 million in Q1 FY25 from RM9.9 million in Q1 FY24. 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 the supply challenges in tin-producing countries, including export restrictions in Myanmar and Indonesia, and ongoing geopolitical tensions. MSC Group CEO Datuk Dr Patrick Yong said as the company continue to navigate a fragile global economic landscape, marked by ongoing trade tensions, protectionist economic policies, and geopolitical uncertainties, it remains focused on what matters most - running the operations efficiently and staying competitive. 'Despite these external pressures, MSC's performance in Q1 FY25 demonstrates our resilience and ability to adapt in a complex operating environment. 'Looking ahead, we continue to take a measured and disciplined approach, remaining cautious in light of the external environment. 'Our focus remains on driving improvements across the group from technology and manpower to logistics and cost management, while also exploring opportunities in both our smelting and mining divisions. 'In our tin smelting business, the planned shutdown of our Butterworth plant is on track for 2025, with all future smelting activities to be consolidated at our smelting facility in Pulau Indah. 'This is expected to deliver cost savings and operational efficiencies for the Group. Furthermore, we are installing a new rotary furnace at Pulau Indah to support the continuity of tin production during the annual maintenance shutdowns. Additionally, the Pulau Indah plant utilises cleaner energy sources, including natural gas and solar, further minimising our carbon footprint. 'In the tin mining segment, we focus on increasing daily mining output and enhancing overall productivity. We are constructing a new processing plant to extract tin from the mine's sandy tailings and exploring new mining methods to enhance tin ore recovery and yield,' he said. The group reported revenue of RM369.8 million in Q1 FY25, up from RM448.5 million in Q4 FY24. This was primarily attributed to softer sales volumes of refined tin despite a higher average tin price of RM142,000/MT in Q1 FY25, as compared to RM133,700/MT in Q4 FY24. As a result, the group's net profit amounted to RM7.7 million in Q1 FY25, down from RM30.2 million in Q4 FY24. Yong said as the company continue to navigate a fragile global economic landscape, marked by ongoing trade tensions, protectionist economic policies, and geopolitical uncertainties.
The Star
26-05-2025
- Business
- The Star
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.
