Tasek second quarter earnings fall, Malaysia

Tasek Corp Bhd of Malaysia reported a 4.4 per cent fall in second quarter earnings to MYR23.13m (US$7.3m) from MYR24.21m a year ago.

Revenues were flat at MYR139.73m compared with MYR138.57m.The slightly higher group revenue was attributed to the cement segment but was offset by the weak performance of the concrete division.

"The cement segment registered a higher operating profit of MYR23.4m in the current quarter as compared with MYR21.8m in the previous year's corresponding quarter. The higher operating profit was mainly contributed by local cement business with improved pricing and higher sales volume," it said.

For the first half, its earnings were just up 0.9% to MYR48.02m from MYR47.61m in the previous corresponding period.

 Revenue rose at a stronger pace of 9.2% to RM290.36mil from RM265.95mil, again, mainly due to the cement segment which registered higher sales of cement and clinker. However, such increase was partly off-set by weak ready-mix operations.