Lafarge Malayan net profit down 22% in 3Q10

Lafarge Malayan net profit down 22% in 3Q10
30 November 2010

Lafarge Malayan Cement Bhd’s net profit fell 22% YoY to MYR91.15m (US$28.9m) for the third-quarter of 2010 ended September 30 from MYR116.95m, mainly due to lower export volume and prices, coupled with effects of a weaker US dollar.

Its sales in Singapore had also performed poorly during the period, although this was partially compensated by slightly higher prices on the domestic front, said the company in a statement to Bursa Malaysia yesterday.

Revenue in 3QFY10 was 8% lower YoY at MYR568.09m from MYR618.32m previously, while earnings per share came in at 10.70 sen from 13.70 sen.

Lafarge’s posted a pre-tax profit of MYR102m from MYR126m a year ago.

“The lower pre-tax profit is also due to lower kiln performance in one of our plants which resulted in lower production, lower export volume and higher production costs,” it said.

“Contributions from exports declined substantially in the first nine months of 2010 due to weaker export prices, coupled with the weaker US dollar and a loss in export volume (because of the lower performance).”

For the cumulative nine-month period, net profit was nearly 27% lower at MYR214.83m from MYR292.65m, while revenue stood at MYR1.71bn from MYR1.86bn a year earlier.
Published under Cement News