Tasek posts stronger 2Q net profit of RM19m, Malaysia

Tasek posts stronger 2Q net profit of RM19m, Malaysia
Published: 28 July 2010

Tasek Corp Bhd’s net profit for the second quarter ended June 30, 2010 (2Q10) rose 9.6% to RM19.07m from RM17.4m a year earlier, mainly due to improved margin from lower cost of production coupled with local cement price revision.

Revenue dipped 1.5% to RM139.84m from RM142.04m, while basic earnings per share (EPS) rose to 10.29 sen from 9.37 sen.

No interim dividend was declared for 2Q10. Tasek’s net asset per share as at June 30 stood at RM4.86.
On its prospect, the group said it expected the construction sector to continue to benefit in tandem with the nation’s economic growth for the first half of the year. Hence, it said the demand for cement and concrete products for 3Q was expected to remain consistent but competitive. Tasek expects to remain profitable for 3Q10.

For the six months ended June 30, 2010, net profit rose 14% to RM35.32m from RM30.97m in the same half last year on the back of a marginally lower revenue of RM269.30m versus RM271.21m.