Higher costs erode MSM's Q4 earnings

KUALA LUMPUR: MSM Malaysia Holdings Bhd, the country's biggest sugar refiner, saw its net profit almost halved to RM39.8 million in the fourth quarter ended December from RM76.4 million in the same quarter a year ago due to higher raw material costs.

In a statement to Bursa Malaysia, MSM directors said revenue, however, rose slightly to RM612.4 million from RM609.5 million due to higher average selling prices of refined sugar.

For the full-year 2012, net profit declined to RM202.0 million from RM263.8 million in 2011 while revenue was maintained at RM2.2 billion.

"The directors have agreed to declare a final dividend payment of 11 sen per share on 702.9 million shares amounting to RM77.3 million for the year ended December 2012 to be paid on July 12 2013 subject to shareholders' approval at the forthcoming annual general meeting," MSM said.