Malaysia Smelting Corporation reported a net profit of M$9.6 million (US$2.8 million) in the quarter to end-September, following a small first half net loss. Net and pre-tax profits in the year to date were M$7.4 million and M$18.3 million respectively. At the operating level, all the profits came from MSC’s Malaysian operations, while its smelting and mining business in Indonesia reported losses as a result of low tin prices in the first half.
However in a statement to Bursa Malaysia the group noted that “the Indonesian operations achieved a positive turnaround in results in the third quarter. The Malaysian operations continued to achieve satisfactory performance despite difficult market conditions.”
In an update on recent corporate developments the company said that the completion of its Chinese joint-venture smelting and refining operation in Guangxi, first announced two years ago, is still “contingent upon the completion of certain obligations” by its local partners. Meanwhile divestments of part of its stake in PT Koba Tin in Indonesia and non-tin assets in Australia and the Philippines is ongoing.
