Southern Alliance Mining full-year profit tumbles 30% to RM62.1m on tax expenses
But revenue rises 34% to RM254.2m, driven by increase in sales volume, higher selling prices
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HIGHER taxes took a toll on the full-year showing of Southern Alliance Mining (SAM), in the iron-ore producer's first set of results since its initial public offering (IPO) in June this year.
Net profit for the Malaysia-based firm fell 30 per cent to RM62.1 million (S$20.5 million) for the full year ended July 31, from RM88.2 million a year ago. This was mainly due to a tax expense of RM24.9 million this year, versus a tax benefit of RM27.9 million for FY2019.
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