Tridge summary
MSM Malaysia Holdings Bhd is calling on the government to revise the ceiling price for coarse and refined sugars due to challenging operating environments and elevated input costs. The company wants an increase in the coarse sugar price by RM1, from RM2.85 to RM3.85, and argues that Malaysia's retail sugar prices are the cheapest in the region. Despite being loss-making, MSM has narrowed its net loss and increased revenue for the third quarter of its financial year 2023.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
PASIR GUDANG (Jan 16): MSM Malaysia Holdings Bhd once again called on the government to revise the ceiling price for both coarse and refined sugars per kilogramme (kg), amid a challenging operating environment due to elevated input costs and the depreciation of the ringgit. “We have asked the government to assist us with the 1kg prices. We have asked for an increase in the price of coarse sugar by RM1 from RM2.85 to RM3.85. Our main target is coarse sugar, refined sugar will follow suit. We have engaged with the government and are currently awaiting [their decision],” said MSM group chief operating officer (COO) Hasni Ahmad. Sugar ceiling prices are currently set at RM2.85 per kg for coarse sugar and RM2.95 per kg for refined sugar, according to Hasni. “We can’t sell at a loss. We see that our operating environment is still challenging given high input costs — things that we can't control,” Hasni told reporters during a media visit to MSM Sugar (Johor) Sdn Bhd on Tuesday. ...
Source: Theedgemarkets
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