Higher sales and lower cost boost Tasek’s profit

Higher sales and lower cost boost Tasek’s profit
Published: 14 August 2009

Higher sales and lower production costs lifted Tasek Corporation Bhd’s net profit by 32% YoY to RM17.4m for the second quarter ended June 30.

The cement maker’s revenue grew to RM142m in 2Q from RM117.3m previously.

For the first half of the year (1H09), Tasek’s revenue was up 21% to RM217.2m and net profit came in at RM30.9m versus RM28.2m previously. The board did not declare dividend in 1H09.

The company said it expected to benefit from government spending of the stimulus packages for the remaining quarters of its financial year. The company’s share price closed 21 sen higher at RM3.90 yesterday.

Tasek said that it had not equity-accounted the results of its associate companies for its quarterly results under consideration because it was planning on disposing of those companies.