KUALA LUMPUR: TASEK CORPORATION BHD [] net profit for the first quarter ended March 31, 2011 rose 16.3% to RM23.40 million from RM21.13 million a year earlier, due mainly to better margin resulting from lower cost of production and cement price adjustment in May 2010.
Revenue, however dipped to RM126.38 million from RM129.47 million in 2010, mainly due to lower sales volume from shorter business cycle following the Chinese New Year festive holiday during the quarter.
Earnings per share was 18.86 sen, while net assets per share was RM8. 01.
Tasek said on Monday, April 25 that higher interest income and higher contribution from share of associates' profits also contributed to its better performance in 1Q.
On its prospects, Tasek said the market for cement and ready-mix concrete was expected to remain competitive in the next quarter.
'The group continues to optimise its plant performance and production efficiency in anticipation of the roll-out of the government's announced projects.
'For the next quarter the group is expected to remain profitable,' it said.
Revenue, however dipped to RM126.38 million from RM129.47 million in 2010, mainly due to lower sales volume from shorter business cycle following the Chinese New Year festive holiday during the quarter.
Earnings per share was 18.86 sen, while net assets per share was RM8. 01.
Tasek said on Monday, April 25 that higher interest income and higher contribution from share of associates' profits also contributed to its better performance in 1Q.
On its prospects, Tasek said the market for cement and ready-mix concrete was expected to remain competitive in the next quarter.
'The group continues to optimise its plant performance and production efficiency in anticipation of the roll-out of the government's announced projects.
'For the next quarter the group is expected to remain profitable,' it said.
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