MSM Malaysia returns to black in 2Q

KUALA LUMPUR: MSM Malaysia Holdings Bhd (MSM) returned to black with a net profit of RM14.33 million in the second quarter ended June 30, 2018, compared with a net loss of RM21.45 million recorded in the same period a year ago.

Revenue, however, slipped 17.1 per cent year-on-year to RM573.22 million from RM691.11 million previously, amid a seven per cent reduction in the overall tonnage sold and lower average selling price.

In a filing with Bursa Malaysia today, MSM attributed the muchimproved performance to lower raw material costs and favourable foreign exchange rate.

On prospects, MSM said the second half of 2018 would be challenging, given the potential changes in domestic sugar policies and challenging market environment.

“However, the group maintains its positive outlook and expects to pursue strategic initiatives to remain resilient and profitable,” it added. — Bernama KUALA LUMPUR: Eastspring Investments Bhd has announced a gross income distribution of 0.0206 sen per unit, or a dividend yield of 2.00 per cent, for the Eastspring Investments Target Income Fund 6 for the financial year-ended May 31, 2018.

Unit holders who have maintained their holdings in the fund as at Aug 23, 2018, will be entitled for the income distribution, the asset management company said in a statement yesterday.

The five-year closed-ended bond fund is the sixth in a series of target income funds.

“This distribution was consistent with the Fund's objective which endeavours to provide regular income during the tenure of the Fund.

“Income declared will be paid out either by way of e-payment according to unit holders' instructions in the account opening form, or by cheque,” said Eastspring.

It also added that after months of weakness, risk appetite for Asian credit rebounded in July, with marked credit spread narrowing accompanied by a reversal of the prior trend of investor outflows from emerging market assets. — Bernama