Tasek Corp suffers 3Q decline

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, earning were 16.3 per cent higher to MYR77.5m, with revenue climbing 14.5 per cent to MYR483.1m

Tasek said the outlook for the fourth quarter was expected to remain positive with the MRT and LRT projects continuing to lead growth in the construction sector.