CMS reports rise in 2Q net profit

Cahya Mata Sarawak Bhd's (CMS) net profit jumped to MYR64.73m (US$15.2m) in the second quarter ended June this year from MYR7.9m in the same period a year ago.

The increase is mainly attributed to lower handling costs, cheaper imported clinker bricks and lower clinker production costs brought about by the stable production and lower coal prices in the cement, construction and road maintenance, construction materials and trading divisions as well as improved sales in the property development division.

Net profit for the six-month period increased to MYR87.39m from MYR8.94m in the corresponding period of last year. Total revenue decreased 10 per cent to MYR670.57m for the first half of this year from the MYR745.72m last year.

Group Managing Director, Richard Curtis, commented: "Our confidence in our prospects is supported by our healthy balance sheet, our experienced management team and our focused portfolio of core business divisions, which are well positioned to benefit from the states ever-growing infrastructure needs, including the MYR27bn Pan Borneo Highway project, which is now gathering momentum," he said.