Latest news with #RM124
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.
Free Malaysia Today
20-05-2025
- Business
- Free Malaysia Today
Some public housing tenants skipped rent for over 2 decades, says KL mayor
Kuala Lumpur mayor Maimunah Sharif said an internal discussion will be held next week on measures to address the mounting rental arrears across PPR and PA units managed by DBKL. PETALING JAYA : Some public housing (PA) tenants have failed to pay rent for up to 26 years, with arrears reaching as high as RM39,140, Kuala Lumpur mayor Maimunah Sharif revealed. She said the monthly rental rate was RM124, excluding maintenance charges. The highest arrears were recorded at the People's Housing Programme (PPR) in Kampung Muhibbah (RM1.9 million) and Desa Rejang (RM1.28 million). To address the issue of mounting rental arrears across PPR and PA units managed by Kuala Lumpur City Hall (DBKL), which now total RM70 million, she said an internal discussion would be held next week. 'I'll need to assess the situation because the measures we currently take involve meeting tenants face to face, asking why they haven't paid, and locking their water meters. 'We do have the authority to evict non-paying tenants, but most of them are from the B40 group, so we have to consider the situation carefully. 'I'll conduct an analysis and discuss the matter with federal territories minister Dr Zaliha Mustafa,' she told FMT. Maimunah Sharif. Maimunah said tenants often cite financial difficulties as the reason for not paying rent. 'But when we visit their areas, they complain about a lack of parking. I understand that having a car isn't a luxury anymore, it's a necessity. Still, people need to prioritise. 'At the moment, we're not taking strict action so some feel there's room not to pay,' she added. She said that in the upcoming discussions, DBKL would work on developing clearer procedures on housing and rental arrears. AdChoices ADVERTISING DBKL will also issue public notices to warn tenants with outstanding rent so that they are not caught off guard when enforcement begins. 'When we shut off the water supply, they often find a way to pay. Previously, we also introduced a scheme allowing them to settle arrears in instalments if they couldn't pay in full,' Maimunah said.
New Straits Times
20-05-2025
- Business
- New Straits Times
RM1.9 million in rental arrears at a single PPR site, says DBKL
KUALA LUMPUR: Kuala Lumpur City Hall (DBKL) is grappling with longstanding rent arrears in its public housing (PA) units, with some tenants failing to make payments for up to 26 years and individual debts reaching RM39,140. City mayor Maimunah Sharif said total arrears now stand at RM70 million, despite the monthly rental being fixed at just RM124, excluding maintenance charges. According to Free Malaysia Today, the worst cases were recorded at PPR Kampung Muhibbah with RM1.9 million in arrears, followed by Desa Rejang at RM1.28 million. "Some tenants have not made payments for more than two decades. It has become necessary to review our approach to ensure the system remains sustainable," said Maimunah. An internal meeting is scheduled next week to reassess enforcement methods and formulate more structured procedures for dealing with defaulters. "At the moment, we speak directly to tenants, ask for explanations and, in some cases, lock up their water meters," she said. Although DBKL has the legal authority to evict tenants who fail to pay, she said they must tread carefully as most affected households fall under the B40 income bracket. "We will analyse the matter further and bring it to the attention of the federal territories minister, Dr Zaliha Mustafa," she said. Maimunah said that while many tenants cite financial hardship, complaints about parking shortages were also commonly raised. "There may be a perception that strict enforcement won't happen, which could be contributing to the problem," she said. To address the situation, DBKL will begin issuing formal notices to tenants with arrears and establish clearer guidelines on rent collection and enforcement. She added that water supply cuts have previously led to repayments, and tenants had been allowed to settle arrears in instalments.
Daily Express
20-05-2025
- Business
- Daily Express
Some public housing tenants skipped rent for over 2 decades, says Kuala Lumpur mayor
Published on: Tuesday, May 20, 2025 Published on: Tue, May 20, 2025 By: Anne Muhammad, FMT Text Size: Kuala Lumpur mayor Maimunah Sharif said an internal discussion will be held next week on measures to address the mounting rental arrears across PPR and PA units managed by DBKL. PETALING JAYA: Some public housing (PA) tenants have failed to pay rent for up to 26 years, with arrears reaching as high as RM39,140, Kuala Lumpur mayor Maimunah Sharif revealed. She said the monthly rental rate was RM124, excluding maintenance charges. The highest arrears were recorded at the People's Housing Programme (PPR) in Kampung Muhibbah (RM1.9 million) and Desa Rejang (RM1.28 million). To address the issue of mounting rental arrears across PPR and PA units managed by Kuala Lumpur City Hall (DBKL), which now total RM70 million, she said an internal discussion would be held next week. 'I'll need to assess the situation because the measures we currently take involve meeting tenants face to face, asking why they haven't paid, and locking their water meters. 'We do have the authority to evict non-paying tenants, but most of them are from the B40 group, so we have to consider the situation carefully. 'I'll conduct an analysis and discuss the matter with federal territories minister Dr Zaliha Mustafa,' she told FMT. Advertisement Maimunah said tenants often cite financial difficulties as the reason for not paying rent. 'But when we visit their areas, they complain about a lack of parking. I understand that having a car isn't a luxury anymore, it's a necessity. Still, people need to prioritise. 'At the moment, we're not taking strict action so some feel there's room not to pay,' she added. She said that in the upcoming discussions, DBKL would work on developing clearer procedures on housing and rental arrears. DBKL will also issue public notices to warn tenants with outstanding rent so that they are not caught off guard when enforcement begins. 'When we shut off the water supply, they often find a way to pay. Previously, we also introduced a scheme allowing them to settle arrears in instalments if they couldn't pay in full,' Maimunah said.
