It's good to know someone do some study. Here are the reasons why (probable cause)
1 Higher cost of sales. TAWIN is not a copper producer. They buy copper and make copper products. Although copper is expensive, there are other suppliers can offer cheaper price. Especially from suppliers who own copper mines. They probably many from China.
2 Niche market. TAWIN can offer premium copper products. This can keep TAWIN higher gross margin and thus increase profitability.

There are two new plants underway. One in Pulau Indah which is scheduled to be online by the end of March.

Cyprium Wire Technology Sdn Bhd is currently in the midst of exercising production sample in the Electron Curing Service Department for product certificate application as well as customer audit once all the tests are completed. The company has also targeted to commence the commercial production in the mid of 2023.
Thats what I mean by my statement above.

I put my money on Ta Win. They have several initiatives to turn the company around. They now have 2 manufacturing plants. 1 in Westport. 2 in Malacca. All traditional products are being transferred to Westport plant while in Malacca plants, Ta Win is preparing to produce high end copper wire.
Since the end of pandemic, Ta Win revenue went up. High expenses incurred may be because of these transfer of process equipment to Westport plant.

Ta Win production capacity is expected to increase by 3 times from 1500tons to 4500 tons. Ta Win also sees high profit margin in Cyprium wire. There are 2 quarters to go. Posco International contract is still on to supply 65000tons by 2024. Asiapoly owner also put his money on Ta Win.
Is the European CEO still in Ta Win? Labotsky is his name.
Would appreciate if anyone can share this info.

London copper rebound after two months low. I hope TAWIN bought and keep many copper anodes when price was cheap. There is also unusually high demand of copper for making bullets..
Copper demand in China is picking up after implementation ban on imported recycle/scrap copper..
Please keep your cost low, rite TAWIN. please.
All set to fly high!!

Tawin's Procurement & Material Planning Dept must have good forecast on copper price in future.. Buy copper anodes when copper price is low and keep them in stock. Always.
Copper is a commodity. Commodity is scarce. Price wont go back cheap as per 5 or 20 years ago.
With high demand in copper in 20th century, TAWIN can make money in this business.
Just keep your cost low.

TAWIN sticks to its traditional business. TAWIN believes in copper product business. TAWIN doesnt want to diversify its business. Diversifying business is for either companies which making losses or companies with rich free cash.
As long as TAWIN revenue increases, there is room for making money.
With only one plant in Malacca, TAWIN produces 1,500 tons of copper products.
Now TAWIN can increase their production output to 4,500 tons.
And they have high end cyprium wire. They will make money soon