MSM's RM34m Q1 loss leans on KL to raise sugar prices again
Malaysia's largest sugar refiner needs price hike but has to tread carefully with upcoming Hari Raya
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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.
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