Malaysia Smelting Corporation Berhad announced the financial results for its second quarter with revenue growing by 25.6% year-on-year to RM410.8 million from RM327.0 million in the preceding year's corresponding quarter which the group said was primarily on the back of higher average tin prices.

Meanwhile, net profit attributable to owners of the company amounted to RM16.7 million (2QFY23: RM28.4 million)The tin smelting segment posted profit after tax of RM4.7 million in 2QFY24 (2QFY24: RM16.3 million). MSC attribues the softer performance to its annual re-bricking and scheduled maintenance of the Top Submerged Lance ("TSL") furnace, which took place from mid-May to midJuly 2024. This had impacted the Group's overall refined tin production and smelting revenue in 2QFY24. In the previous year, the annual re-bricking and maintenance occurred in mid-June to mid-August 2023, causing the impact to be felt in different financial quarters.

Meanwhile, it said the tin mining business saw a 45.2% YoY increase in PAT to RM24.9 million in 2QFY24, from RM17.2 million in 2QFY23, driven by favourable tin prices of RM153,400 per metric tonne ("MT") in 2QFY24 vs. RM116,500/MT in 2QFY23.In 1HFY24, MSC's revenue climbed 15.9% YoY to RM773.3 million, as compared to RM667.1 million the preceding year's corresponding period ("1HFY23"), fuelled by higher average tin prices of RM139,100/MT (1HFY23: RM116,300/MT). Net profit amounted to RM35.0 million in 1HYF24, against RM63.9 million in the prior year.