MSM returns to the black in Q1 with RM31.19 mln net profit
KUALA LUMPUR, May 25 - MSM Malaysia Holdings Bhd swung back into profitability in the first quarter ended March 31, 2021 with a net profit of RM31.19 million from a net loss of RM34.70 million, due to gain on sales of fixed asset during the period.
Revenue rose one per cent to RM514.94 million from RM510.84 million previously on the back of higher average selling price in export sales, it said in a filing with Bursa Malaysia today.
MSM remains optimistic about its turnaround plan and the ability to achieve sustainable growth with focus on exports.
"The seaport segment is poised to grow further in 2021 as global trade recovery gains further momentum, backed by the reopening of economies, businesses and borders.
"This encouraging development is favourable for our MSM Johor refinery and the group," it said.
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