Tasek posts MYR5.94m loss in 4Q17

Malaysian cement producer Tasek Corp Bhd reported a net loss of MYR5.94m (US$1.51m) for the fourth-quarter of 2017, down from the MYR2.14m profit in 4Q16.

The company’s turnover fell 16 per cent YoY to MYR135.26 on the back of lower domestic cement sales and a lower average net selling price for cement and ready-mixed concrete, according to The Malaysian Reserve newspaper.

The outlook for 2018 is mixed as the property market is expected to continue to weigh on cement demand. However, construction works on public infrastructure works such as the Sungai Buloh-Serdang-Putrajaya MRT2 line and the Bandar Utama-Klang LRT3 line are forecast to support cement demand.