Friday, October 28, 2011

Tasek 3Q earnings dn 32.9% to RM22.10m

KUALA LUMPUR: TASEK CORPORATION BHD []'s earnings fell 32.9% to RM22.10 million in the third quarter ended Sept 30, 2011 (3QFY11) from RM32.90 million a year ago, due to lower sales.

It said on Friday, Oct 28, revenue fell 7.5% to RM132.99 million from RM143.78 million. Earnings per share were 17.82 sen compared with 20.63 sen.

Tasek Corporation said the lower earnings were attributed to the lower volume in domestic cement sales following the Hari Raya holidays during the quarter. Competitive pricing in the market coupled with higher production costs also contributed to the lower results, it added.

However, the group said 3Q11 results had benefited from higher interest income it received during the reporting quarter.

Moving forward, the group is confident that demand and pricing for cement and ready-mixed concrete will remain positive for the next quarter.

For the first nine months ended Sept 30, 2011, profit fell 8.5% to RM69.72 million from RM76.18 million a year ago. Revenue fell 3.4% to RM398.95 million from RM413.08 million.

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