Malaysia’s biggest sugar refiner, MSM Malaysia Holdings Bhd’s, pre-tax profit jumped 43 per cent to RM30.3 million in its second quarter mainly due to fair value gains in derivatives.
The group recorded RM97.9 million in its second quarter ended June 30, 2011, compared to RM68.5 million in 2010.
In a filing to Bursa Malaysia today, the company said revenue, however, dwindled slightly to RM97.918 million from RM68.503 million in 2010.
For the first six months, MSM Malaysia Holdings recorded higher pre-tax profit of RM187.934 million versus RM86.820 million last year.
Revenue for the period, however, also dropped slightly to RM1.066 billion compared to RM1.085 billion last year. MSM Malaysia Holdings said the lower revenue was due to dismal domestic sales in the second quarter despite higher average price.