KUALA LUMPUR: MSM Malaysia Holdings Bhd’s (MSM) net loss widened more than threefold to RM40.27 million in the fourth quarter (4Q) ended December 31, 2019 (FY19) from a net loss of RM10.35 million recorded previously. MSM, the country’s leading refined sugar producer, said in a Bursa Malaysia filing today that it had posted a revenue of RM516.04 million during the quarter. Consequently, the increased selling price resulted in lower volume for wholesale segment and higher volume for industry segment. For the full-year, MSM recorded a net loss of RM299.77 million compared to a net profit of RM35.61 million in the previous year. “On the other hand, the previous raw sugar contract which has expired in December 2019 will benefit us in terms of strategic raw sugar procurement that potentially reduce our cash outflows and ensuring a sustainable supply of best quality raw sugar stocks for all MSM’s refineries,” said Khairil.

Source: New Strait Times February 25, 2020 11:15 UTC