PETALING JAYA: Malaysia Smelting Corp Bhd posted a 55.8% decline in net profit to RM7.65mil for the third quarter ended Sept 30, 2017 from RM17.3mil a year ago.
In a filing with Bursa Malaysia, the company attributed the drop in profits to foreign exchange differences, higher production cost and operating expenses.
Revenue for the quarter under review, however, increased by 24.8% to RM403.2mil compared with RM323.1mil a year ago contributed by higher tin prices and higher sales of refined tin.
Cumulatively, for the first nine months of financial year 2017, Malaysia Smelting’s net profit fell 8.3% to RM29.3mil from RM31.95mil a year ealier.
The company said its tin smelting segment recorded a profit before tax of RM2.3mil in the first nine-month period compared with RM55.3mil a year ago.
It said the decline was mainly due to the absence of a favourable inventory valuation adjustment and favourable foreign exchange differences, lower sales volume, higher production cost and operating expenses.
Its tin mining segment recorded a higher profit before tax of RM36.8mil during the period from RM22.1mil last year mainly due to favourable tin prices.
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