KUALA LUMPUR (May 11): Malaysian Smelting Corporation Bhd net profits declined 79.94% to RM5.67 million in its first quarter ended Mar 31 from RM28.27 million a year ago dragged down by continuing losses in its Indonesian operations.
In a statement on Bursa Malaysia on Friday, it said that revenue rose 4.61% to RM771.90 million from RM737.87 million a year earlier.
Earnings per share were 5.70 sen compared to 30.40 sen.
Although the average price of tin had increased to US$22,900/tonne in 1Q12 from US$20,800/tonne in the previous quarter, it was still 23% lower than us$29,900/tonne recorded in 1Q11.
The lower price of tin was what continued to adversely affect its Indonesian operations, it said.