KUALA LUMPUR: Malaysia Smelting Corp Bhd’s (MSC) net profit more than doubled in the third quarter ended Sept 30, 2021 (Q3’2021) to RM28.94mil, against RM12.54mil in the same quarter last year thanks to record high tin prices. The group’s tin smelting operations recorded a net profit of RM4.9mil in the third quarter mainly due to lower smelting capacity as the group gradually restarted its operations following the implementation of phase two of the National Recovery Plan. Additionally, the ageing furnaces at the Butterworth smelter were undergoing restoration, which led to lower furnace days and lower tin yields, he said. “Tin has been the best-performing base metal in 2021 as prices hit a record high, following the tin supply deficit and robust consumption,” he added. In tandem with the high tin prices, the group’s revenue expanded 41% year-on-year to RM821.5mil in the first nine months of this year, against RM580.8mil in the same period last year.
