PETALING JAYA: Malaysia Smelting Corp
Bhd (MSC) will focus on business competitiveness, operational efficiencies and improvements on operations, technology, manpower, logistics and potential new business developments in its smelting and mining segment.
In a filing with Bursa Malaysia, the tin miner and producer noted it will focus on the planned closure of its old Butterworth plant in the near term after having successfully commissioned the Pulau Indah plant.
It expects about 30% cost savings from the planned closure, coupled with higher efficiencies of the Pulau Indah plant.
On its tin mining segment, MSC said it will focus on improving and increasing daily mining output and overall mining productivity.
This includes expanding its mining activities and mine resources, adopting new cost-effective mining methodology and participating in new mining joint ventures, it added.
MSC posted a net profit of RM14.3mil or an earnings per share (EPS) of 3.4 sen for its third quarter ended Sept 30, 2024 (3Q24).
This was a 20.88% increase year-on-year (y-o-y) and driven by the 29% jump in revenue to RM470.05mil for the period which was attributed to the higher average tin price of RM141,500 per tonne and higher sales of refined tin.
As for the nine months, MSC’s net profit decreased by 34.93% y-o-y to RM49.25mil or an EPS of 11.7 sen despite revenue rising some 20.6% to RM1.24bil on higher tin prices and sales quantity.
MSC declared a second interim single-tier special dividend of 17 sen per share, payable on Dec 23, 2024. MSC's special dividend follows the first interim single-tier dividend of seven sen per share declared on Sept 25.
