Latest news with #RM142
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.
Daily Express
02-05-2025
- Business
- Daily Express
Putra Heights incident underscores why home insurance matters
Published on: Friday, May 02, 2025 Published on: Fri, May 02, 2025 By: Bernama Text Size: According to the official tally by authorities, 437 houses were located in the affected area of the Putra Heights gas pipeline explosion. (Bernama pic) Kuala Lumpur: The gas explosion at Putra Heights on April 1, which destroyed scores of homes, serves as a stark reminder for homeowners to insure their houses as well as the contents inside their homes to mitigate losses from such unforeseen calamities. The fire that broke out at 8.10am saw flames soaring over 30m high, with temperatures exceeding 1,000°C, destroying residential properties and vehicles within a 500m radius. It took nearly eight hours for the fire to be fully extinguished. Some 1,254 people from 308 families were affected, with damage to residential properties amounting to some RM65 million. The tragedy serves as a stark reminder that the unexpected can happen at any time, underscoring the importance of comprehensive insurance to provide financial protection against such unfortunate events. Here are three types of insurance coverage available for homeowners. Houseowner policy According to the General Insurance Association of Malaysia, this is a comprehensive policy that covers the physical structure of the home against risks such as fire, lightning, natural disasters, burst pipes and, yes, even explosions. Association CEO Chua Kim Soon said that, in the case of the Putra Heights incident, the houseowner policy would cover damage from the explosion, with compensation based on rebuilding costs. 'For claims purposes, they need to obtain written approval from the insurer before proceeding with any house repairs, including emergency work, as unauthorised work may not be covered by the homeowner policy and certificate,' he told Bernama. Banks typically require homeowners' insurance as part of the loan agreements for mortgages. For condominiums or apartments, it is mandatory for the joint management body to take out a master policy for home insurance coverage. A houseowner policy is priced at an average of RM382 per year for flats and apartments, and RM377 for landed properties. The premium price would depend on the sum insured value of the house. Householder policy This policy involves the safeguarding of household contents, protecting against loss or damage from incidents such as fire, theft, and certain natural disasters. Unlike the houseowner policy, which is mandatory when a home loan is involved, the householder policy is optional and can be purchased separately at an average price of RM142. The premium would depend on the sum insured value. Sadly, householder policies are often overlooked due to a lack of awareness. As a result, many affected homeowners may not be covered in the event of untoward incidents such as the Putra Heights explosion. Fire insurance According to Chua, standard or basic fire insurance covers damages from fire, lightning, or explosions caused by gas used for domestic purposes. 'For damages due to an explosion caused by other than domestic gas, an extension in the form of an optional add-on can be purchased,' he said, noting that compensation is based on the rebuilding costs. Generally, fire insurance is not mandatory for homeowners unless it is required by their banks for housing loans. Insurance take-up rates According to the statistics department, out of 9.1 million households in 2024, only 3.88 million fire and home insurance policies were recorded, reflecting a take-up rate of 42.6%. In comparison, there were 8.88 million households in 2023, with 3.89 million fire and home insurance policies recorded, reflecting a take-up rate of 43.8%. This, Chua stressed, indicates that more than half of Malaysian households remain unprotected against structural damage caused by fire, floods, severe weather events, and other unexpected incidents.
Malaysian Reserve
27-04-2025
- Business
- Malaysian Reserve
Malaysia-Japan JV powers ahead with RM142m solar project in Kedah
A NEW cross-border renewable-energy (RE) partnership is set to boost Malaysia's clean energy ambitions following the announcement of a RM142 million solar project in Gurun, Kedah. The initiative, unveiled at Expo 2025 Osaka, marks a significant milestone for Malaysia's positioning as a regional hub for sustainable investment. The 29.99 MW project will be developed under SM01 Sdn Bhd, a special-purpose vehicle jointly owned by Solarvest Asset Management Sdn Bhd, HSS Engineering Sdn Bhd and Shizen Malaysia Sdn Bhd, a subsidiary of Japan's Shizen Energy Inc. The project is expected to reduce over 1.1 million metric tonnes of carbon emissions throughout its lifetime. The development was facilitated by the Malaysian Investment Development Authority (MIDA) under the Corporate Green Power Programme and forms part of the government's broader Green Investment Tax Incentive initiative. The effort aligns with Malaysia's National Energy Transition Roadmap (NETR), which charts the country's path toward a low-carbon economy. 'This partnership exemplifies Malaysia's commitment to sustainable development and our position as a prime destination for green investments in the region. The SM01 project aligns perfectly with our National Energy Transition Roadmap, demonstrating how international collaboration can accelerate our journey toward a low-carbon future,' MIDA deputy CEO Sivasuriyamoorthy Sundara Raja said speaking at the launch. The equity structure of SM01 reflects a balanced international collaboration, with each partner holding an equal stake. The involvement of Shizen Malaysia brings valuable Japanese expertise in renewable energy financing, development, and engineering, while local partners Solarvest and HSS will drive project delivery, engineering and asset management. Solarvest Group CEO Davis Chong Chun Shiong said the support from MIDA underscores growing confidence in Malaysia's clean energy infrastructure players. 'This incentive boosts the financial sustainability of the SM01 project and demonstrates the value of international collaboration. We remain focused on delivering impactful, commercially viable clean energy projects by leveraging international partnerships and innovation-driven solutions,' he said. Shizen Malaysia CEO Reza Ikram noted that Malaysia's stable economic landscape and supportive regulatory framework make it an attractive destination for green investors. HSS Engineers Bhd executive vice chairman and acting group CEO Tan Sri Kuna Sittampalam said the group is proud to support the initiative as engineering and project management partner. Held under the theme 'Weaving a Future in Harmony', the Malaysia Pavilion at Expo 2025 Osaka is designed to showcase the country's inclusive and innovation-driven economic vision. The launch of SM01 further underscores Malaysia's intent to attract high-quality investments in renewable energy, green technology and ESG-aligned infrastructure. The SM01 project stands not only as a commercial success, but also as a symbolic leap forward in Malaysia-Japan bilateral collaboration in the RE sector. — TMR This article first appeared in The Malaysian Reserve weekly print edition
