MSM's RM34m Q1 loss leans on KL to raise sugar prices again

Kuala Lumpur

PUTRAJAYA could face added pressure to approve another sugar price hike following a hefty first quarter loss by MSM Malaysia Holdings Bhd, which the state-owned sugar refiner attributed to higher raw material costs and a weakening ringgit.

For the three months to end-March, MSM sank to a RM34.6 million (S$11.2 million) loss versus a profit of RM59.3 million in the same period last year. Its revenue was higher however at RM640 million compared to RM553 million before.