Timra had put eight past Farjestad to snap a two-game losing run last time out, and were set to move within two points of sixth-placed Lulea when Didrik Stromberg broke the deadlock in the eighth minute this evening.
But Malmo were protecting a two-game winning run of their own, and not only drew themselves level after 13 minutes through Robin Salo, but delivered a real sucker punch to their hosts when Topi Niemela but them ahead with one second remaining in the opening period.
Having earned the lead, the Redhawks lost their discipline somewhat in the second period, and though Timra could not score on a powerplay, they dominated the shot count and found a deserved equaliser midway through, courtesy of Emil Pettersson.
The home side kept the pressure on in the third period, carving out 13 shots on goal to Malmo's six, but not only did they not force a winner, they were punished for it in the last minute.
With Per Svensson in the box for tripping, Malmo patiently worked the puck around the Timra zone on the powerplay before Persson got in front of the goaltender to poke home Janne Kuokkanen's centre and win it, 3-2.
Lauri Pajuniemi finished the match on two points as his side moved within two points of Vaxjo, but have played a game more. Timra have now lost three of their last four and are remain five points shy of the top six having not profited from their game in hand.