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NewsTasek Corp 1Q profit falls 12.8% on intense competition
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Tasek Corp 1Q profit falls 12.8% on intense competition
by hlk Mon 29 Apr 2013, 21:36
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 29 April 2013 18:02
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KUALA LUMPUR (April 29): TASEK CORPORATION BHD [] said
revenue for its first quarter was depressed by the lower pricing in its
local cement sales amid intense competition from other cement players.
In a filing with Bursa Malaysia, Tasek reported that its net profit for first
quarter ended March 31, 2013 (1QFY13) was down by 12.8%
year-on-year to RM21.7 million. In the previous corresponding quarter, it
earned RM24.89 million.
Its first quarter revenue also fell to RM136.09 million, compared to
sales of RM150.63 million a year ago.
“Higher ready-mixed concrete production cost resulting from rising raw
materials costs and lower interest income contributed to the group's
lower profit during the reporting quarter,” said Tasek Corp in the filing.
On its outlook, the cement manufacturer said the CONSTRUCTION []’s
sector outlook in the next quarter is expected to remain positive.
It cited projects such as Mass Rapid Transit lines and the Light Rail
Transit line expansion that were launched in the second half of 2012 as
examples.
“The group is expected to remain profitable for the next quarter,” Tasek
Corp said.
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 29 April 2013 18:02
A + / A - / Reset
KUALA LUMPUR (April 29): TASEK CORPORATION BHD [] said
revenue for its first quarter was depressed by the lower pricing in its
local cement sales amid intense competition from other cement players.
In a filing with Bursa Malaysia, Tasek reported that its net profit for first
quarter ended March 31, 2013 (1QFY13) was down by 12.8%
year-on-year to RM21.7 million. In the previous corresponding quarter, it
earned RM24.89 million.
Its first quarter revenue also fell to RM136.09 million, compared to
sales of RM150.63 million a year ago.
“Higher ready-mixed concrete production cost resulting from rising raw
materials costs and lower interest income contributed to the group's
lower profit during the reporting quarter,” said Tasek Corp in the filing.
On its outlook, the cement manufacturer said the CONSTRUCTION []’s
sector outlook in the next quarter is expected to remain positive.
It cited projects such as Mass Rapid Transit lines and the Light Rail
Transit line expansion that were launched in the second half of 2012 as
examples.
“The group is expected to remain profitable for the next quarter,” Tasek
Corp said.
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