Quick take: MSM jumps 15% in active trade

KUALA LUMPUR: Shares in MSM Malaysia Holdings Bhd jumped over 15% in early trade Friday after the company reported smaller losses in the financial year ended Dec 31, 2020 (FY20).

The sugar producer jumped 15.2%, or 13 sen to 98.5 sen with over 47 million shares traded. Year-to-date, the counter has appreciated some 72%.

MSM’s net loss for FY20 narrowed to RM71.23mil from RM299.77mil a year earlier, while revenue for the full year rose to RM2.18bil from RM2.01bil a year earlier.

It posted net profit of RM56.24mil for the fourth quarter ended Dec 31, 2020, compared with a net loss of RM40.28mil a year ago, due to higher overall margin and lower finance cost.

Revenue for the quarter rose 22% year-on-year to RM630.33mil from RM516.04mil.

On its prospects, MSM said the outlook for FY21 remains challenging with economic disruption in the country from travel and movement restriction orders due to the Covid-19 pandemic.