May 11 -- Malaysia Smelting Corporation (MSC) reported a return to profitability in the first quarter of 2011, boosting its share price in both Malaysia and Singapore, where it has had dual listing since January, Bloomberg reported. The company had a first-quarter profit of 28.3 million ringgit (US$9.5 million) after a loss of 29.1 million ringgit a year ago, it said in a statement. It had also reported a loss of 22 million ringgit in the previous quarter. Revenue advanced to 737.9 million ringgit (US$246.9 million) from 651.2 million ringgit, it said.
"MSC is optimistic on the long-term prospects of the tin industry and believes that the group will be able to capitalize on the strong global tin market fundamentals and the current uptrend in prices”, group Chief Executive Officer Mohammad Ajib Anuar said in a presentation to investors.
Production at MSC’s Butterworth smelter rose 0.6 % year-on-year to 9,473 tonnes in Q1, while mine production of tin-in-concentrate from Rahman Hydraulic Tin gained 11% to 452 tonnes because of “improved operational efficiency,” the company said. Production at its 75%-owned Indonesian joint venture PT Koba Tin fell 2.2 % to 1,763 tonnes as higher mine output was offset by lower production from the treatment of stockpiled slag.