KUALA LUMPUR: Refined sugar producer MSM Malaysia Holdings Bhd slipped into the red on higher raw material costs and weakening ringgit. It recorded a second quarter pre-tax loss of RM28.59 million compared with a pre-tax profit of RM31.07 million recorded in the same quarter last year. In a filing to Bursa Malaysia today, MSM said revenue was up at RM692.45 million for the quarter ended June 2017 versus RM633.85 million posted in the same quarter last year. MSM said notwithstanding the volatility in commodity prices, the group expected its performance to be in line with the rest of the industry. “The results are expected to improve in the near-term with the replacement of stocks of raw sugar material at lower market prices,” it added.

Source: New Strait Times August 29, 2017 07:41 UTC