KUALA LUMPUR (Nov 12): Malaysia Smelting Corp Bhd (MSC) announced that its net profit for the third quarter ended Sept 30, 2021 (3QFY21) more than doubled or 130.8% to RM28.94 million from RM12.54 million, mainly benefitting from the higher average tin price during the quarter. According to MSC, average tin price soared 92.5% to RM141,915 per tonne for 3QFY21 compared with RM73,708 in the same period a year ago. The average tin price climbed 74.2% to RM121,458 per tonne in 9MFY21 compared with RM69,717 in the same period last year. On prospects, the tin smelter said tin price has recently reached a record high, and that the current global landscape promoting environmental and sustainability initiatives, photovoltaic installations, electric vehicles (EVs) and growth in electronics bode well for the demand of tin. On Friday, shares of MSC settled six sen or 2.12% higher at RM2.89, bringing its market capitalisation to RM1.21 billion.

Source: The Edge Markets November 13, 2021 00:23 UTC