Business

Cahya Mata Sarawak Q3 profit slides despite higher revenue

KUALA LUMPUR, Nov 29 — Cahya Mata Sarawak Bhd’s pre-tax profit for the third quarter ended September 30, 2012 eased to RM44.523 million from the RM52.710 million seen in the same quarter of 2011.

Revenue for the quarter, however, rose to RM288.284 million from RM240.759 million.

The state’s leading infrastructure facilitator attributed the lower profits to the manufacturing division’s clinker plant shutdown for a capacity upgrade being further extended due in part to a fire.

This, coupled with a surge in demand that had to be met with imported cement, led to lowered profits, it said.

“The division nevertheless registered a higher sales volume, steady cement selling prices and higher concrete ready-mix sales volumes,” said group managing director Datuk Richard Curtis, in a statement today.

The company’s pre-tax profit for the nine months period rose to RM164.533 million on the back of RM810.827 million revenue.

Cahya Mata Sarawak noted that it is on track to be the best proxy investment for Sarawak’s accelerating economic potential, driven by the state’s plan to develop long term, hydro energy intensive industries under the Sarawak Corridor for Renewable Energy (SCORE,) and by the infrastructure required. — Bernama

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