Malaysia’s Tasek Corp reports 16% YoY rise

Malaysia’s Tasek Corp reports 16% YoY rise
Published: 26 April 2011

Malaysian cement producer, Tasek Corp has reported a 16% YoY rise in 1Q11 net profit at MYR23.4m (US$7.8m).

"The improved Group results was mainly attributable to better margin resulting from lower cost of production and cement price adjustment in May 2010," the company said. It added that higher interest income and higher contribution from share of associates’ profits also contributed to the better performance during the reporting quarter. The company also says, the "market for cement and ready-mix concrete are expected to remain competitive in the next quarter."

The gGroup continues to optimise its plant performance and production efficiency in anticipation of the roll-out of government projects.  Cement demand in Malaysia is likely to pick up going forward, as projects under the government’s Economic Transformation plan gather steam.