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 expecting the second quarter to be even more challenging as its cement plant and ready-mix concrete operations have been closed since 18 March.
"Although approval has been granted by the International Trade & Industry Ministry for the cement plant to resume operations, the MCO will have an adverse impact on the financial performance of the group," said the company.
