KUALA LUMPUR: MALAYSIA SMELTING CORPORATION [] Bhd (MSC) posted losses of RM37.05 million in the third quarter ended Sept 30 compared with net profit of RM8.77 million a year ago after it made further impairment provisions totaling RM73.63 million.
MSC said on Thursday, Nov 4 that revenue rose 17.9% to RM719.96 million from RM610.66 million a year ago. At the pre-tax level, it posted losses of RM50.22 million compared with pre-tax profit of RM16.68 million. Loss per share was 49.4 sen compared with earnings per share of 11.7 sen.
During the quarter, the group undertook a valuation of its investment in KM Resources Inc which resulted in a surplus of RM65 million. This surplus was recognised as prior year's retained earnings.
'In line with the group's on-going review of its non-tin assets, the group made further provisions totaling RM73.63 million,' it said.
For the nine-months ended Sept 30, its revenue rose 44.5% to RM1.99 billion from RM1.38 billion, contributed by higher business volume and higher tin prices.
MSC recorded higher pre-tax profit before unusual items of RM67.55 million compared with RM18.19 million in the previous corresponding period. Net loss was RM58.20 million versus net profit of RM10.17 million.
MSC said on Thursday, Nov 4 that revenue rose 17.9% to RM719.96 million from RM610.66 million a year ago. At the pre-tax level, it posted losses of RM50.22 million compared with pre-tax profit of RM16.68 million. Loss per share was 49.4 sen compared with earnings per share of 11.7 sen.
During the quarter, the group undertook a valuation of its investment in KM Resources Inc which resulted in a surplus of RM65 million. This surplus was recognised as prior year's retained earnings.
'In line with the group's on-going review of its non-tin assets, the group made further provisions totaling RM73.63 million,' it said.
For the nine-months ended Sept 30, its revenue rose 44.5% to RM1.99 billion from RM1.38 billion, contributed by higher business volume and higher tin prices.
MSC recorded higher pre-tax profit before unusual items of RM67.55 million compared with RM18.19 million in the previous corresponding period. Net loss was RM58.20 million versus net profit of RM10.17 million.
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