Malaysia Smelting Corp. Bhd. (SG:NPW) has released an update.
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Malaysia Smelting Corp. Bhd. reported a 25.6% increase in revenue to RM410.8 million in 2QFY24 compared to the same quarter last year, driven by higher average tin prices. Despite the revenue growth, net profit fell to RM16.7 million due to a scheduled maintenance of smelting facilities affecting production. The tin mining sector of the company, however, saw a significant 45.2% rise in profit after tax, benefiting from favorable tin market conditions.
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