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Higher tin prices lift Malaysia Smelting Corp to post higher net profit of RM22.12m

KUALA LUMPUR (May 7): Malaysia Smelting Corp Bhd returned to black with a net profit of RM22.12 million in the first quarter ended March 31, 2021 (1QFY21) against a net loss of RM13.19 million a year before, on the back of higher average tin prices.
Quarterly revenue increased by one-third to RM275.91 million from RM205.31 million a year ago, thanks to higher refined tin sales and more favourable average tin prices, the company’s filing with Bursa Malaysia showed.
The group’s tin mining arm posted a net profit of RM19.6 million in 1QFY21, representing a three-fold jump from RM4.5 million in 1QFY20. The improved performance was primarily driven by higher tin prices and increased tin production during the quarter. Average tin prices for 1QFY21 climbed 49% higher to US$24,737/tonne (RM101,718), compared with US$16,656/tonne (RM68,489) in 1QFY20. Its tin smelting division, meanwhile, reported a net profit of RM10.4 million against a net loss of RM19.3 million in 1QFY20 ....

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Malaysia Smelting Corp back in the black in 4Q on higher tin prices

Malaysia Smelting Corp back in the black in 4Q on higher tin prices
The Edge
19/2/2021
Arjuna Chandran Shankar
© Provided by The Edge
KUALA LUMPUR (Feb 19): Malaysia Smelting Corp Bhd returned to the black in the fourth quarter ended Dec 31, 2020 (4QFY20), posting a net profit of RM15.86 million from a net loss of RM15.95 million.
In a bourse filing, the group attributed the improved earnings to higher tin prices and the reversal of written down inventories worth RM21.1 million during the group’s most recent financial quarter.
The company has declared a dividend of one sen per share. For the full financial year ended Dec 31, 2020 (FY20), the tin company’s total dividend declared is one sen per share, from two sen in the previous financial year. ....

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The rise and rise of tin prices

ONE of the oldest commodities, tin is enjoying a revival in popularity at the moment.
Over the past seven months, the commodity has gained 22%, with average monthly prices shifting from US$15,110 per tonne in May to US$18,433 in November, according to data from the Kuala Lumpur Tin Market.
As at last Thursday, it was trading at US$19,430 per tonne.
International Tin Association market analyst James Willoughby says demand recovery for tin in recent months has been driving up prices.
“This recovery has been primarily in China, although we are beginning to hear more positive news out of Europe as well,” he tells The Edge. ....

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