Cement News tagged under: Tasek Corp

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Hong Leong Asia grows stake in Tasek Corp

17 June 2020, Published under Cement News

Hon Leong Asia’s wholly-owned subsidiary, Ridge Star, has acquired 30,700 shares of Malaysia-based Tasek Corp at a value of around US$57,964, according to The Straits Times. Following this development, Hong Leong Asia now owns a 92.4 per cent stake in the company. Last month, Hong Leong Asia had submitted an unconditional voluntary takeover offer for the remaining shares of Tasek at MYR5.80 (US$1.36) per ordinary and preference share.

Tasek Corp reports 1Q20 results

06 May 2020, Published under Cement News

Malaysia’s Tasek Corp has posted a net profit of MYR4.19m (US$971,589) in the first quarter of 2020, compared with a net loss of MYR10.42m in the year-ago period. However, revenue declined 4.2 per cent YoY to MYR131.49m from MYR137.26m in the 1Q19. The cement sector saw an operating profit of MYR3.1m against a loss of MYR13m last year. However, sales volumes fell due to the close of operations related to the nationwide movement control order (MCO). Going forward, the company is expectin...

Hong Leong Asia looks to complete Tasek Corp takeover

29 May 2019, Published under Cement News

Singapore-listed Hong Leong Asia is looking to take Malaysia’s Tasek Corp private in a deal worth an estimated MYR128.61m (US$30.6m), according to The Edge. The company currently controls 80.8 per cent of Tasek through two subsidiaries, HL Cement (Malaysia) and Ridge Star, and has submitted a voluntary takeover offer to acquire the remaining shares.  Together, the subsidiaries hold 97.89m ordinary shares in Tasek, with the takeover involving the remaining 19.2 per cent of ordinary shares ...

Tasek posts 3Q net loss

22 October 2018, Published under Cement News

Malaysia’s Tasek Corp Bhd posted a net loss of MYR5.99m (US$1.44m) in 3Q18 on the back of intense pricing competition as domestic cement demand fell. In 3Q17 the company reported a net profit of MYR1.89m. Rising production costs in its cement and ready-mix concrete businesses and lower interest income further affected the group’s business results. Revenue in the third quarter edged up from MYR146.55m in 3Q17 to MYR149.88m in 3Q18. Looking ahead, Malaysian cement demand is expected to rema...

Tasek sees fall in net profit for 3Q17

08 November 2017, Published under Cement News

Malaysia-based Tasek Corp Bhd posted a 3Q net profit of MYR1.89m (US$447,190) a fall from MYR7.56m in the corresponding period of the previous year, according to The Star Online. The company has a total net profit of MYR6.93m so far this year, a considerable decrease from MYR48.2m of 9M16. The decline in profits has been attributed to a reduced demand for cement.

Malaysia: former Tasek Cement director finds contentment in food

30 March 2017, Published under Cement News

Datuk David Tan Sek Yin, former executive director of Tasek Corporation Bhd (1986-2004), now spends his days over a hot stove making Ipoh kai si hor fun (shredded chicken kuey teow), reports the Star online. The 60-year-old can be seen going about Ipoh, in Malaysia, his minivan delivering containers of special broth to his Little Katong stalls at Canning Garden, Gourmet Square hawker centre. The culinary world has always fascinated Tan, even though he had to play a big role in the cement ...

Malaysia: Tasek Corp full-year profit ahead

18 February 2015, Published under Cement News

Tasek Corporation Bhd's net profit rose 11.86 per cent to MYR105.4m (US$29.1m) compared to MYR93.90m a year earlier despite heightened competition. Revenue rose to MYR656.06m compared to MYR121.04m in 2013. The Malaysia based cement producer attributed the better to performance to higher domestic cement demand and improved ready-mix concrete prices. “The ongoing mass rapid transit projects and light rail transit line extensions are expected to continue leading the construction sector’s gro...

Tasek Corp suffers 3Q decline

05 November 2014, Published under Cement News

Malaysian cement producer Tasek Corp reported a 7.1 per cent drop in earnings to MYR21.5m (US$6.4m) in the third quarter of 2014 amid stiff competition, according to the company. Earnings declined despite a 3.3 per cent rise in revenue to MYR148.7m during the three month period. Tasek said it suffered lower margins from the cement segment due to intense price competition on the market. Lower sales were also reported in the concrete segment. For the nine months to the end of September 2014...

Tasek 2Q revenue lifted by domestic cement sales

07 August 2014, Published under Cement News

Tasek Corp Bhd reported a 20.78 per cent rise in revenue for the second quarter, driven by higher demand for cement in its domestic market of Malaysia. Revenue for the three months to the end of June 2014 reached MYR171.5m, compared with MYR142m a year earlier. The company said that the higher revenue was mainly due to higher domestic demand, while its concrete unit recorded an operating loss due to lower sales volumes which were partly offset by higher average selling prices. "Sales v...

Tasek 4Q net profit falls 71% on pricing pressure, Malaysia

19 February 2013, Published under Cement News

Tasek Corporation Bhd reported a 71 per cent YoY drop in fourth-quarter 2012 net profit, mainly due to a lower performance of its cement division as a result of pricing pressures and increased competition. Net profit in the three months to 31 December 2012 fell to MYR26.09m from MYR44.60m the year before. Revenue, however, fell marginally by MYR1.6m to MYR564.5m due to lower sales of clinker and ready-mix concrete. Group pretax profit fell by MYR13m to MYR119.3m the year before due to an ...