Cahya Mata Sarawak Q1 net profit rises 4.57pc to RM 40.76m

KUALA LUMPUR: Cahya Mata Sarawak Bhd’s (CMSB) net profit increased 4.57 per cent to RM40.76 million in the first-quarter (Q1) ended March 31 from RM38.98 million a year ago.

This was attributed to a land sale by CMSB’s property development and higher contribution from its cement division.

In a filing with Bursa Malaysia yesterday, CMSB said its Q1 revenue had risen 17.80 per cent to RM418.18 million from RM354.99 million due to strong performance in its cement, construction materials and trading and property development divisions.

Group chief executive officer Datuk Isaac Lugun said the strong performance was in line with the its projections and expectations of a full rebound once businesses and other economic factors normalised post on the 14th General Election.

“Our core businesses, particularly our cement division lead the charge. Going forward, we expect the rebound to continue and to be driven by the ongoing Pan Borneo Highway project and the state government’s increased spending on infrastructure,” Isaac said in a statement yesterday.

He said as seen in the state’s record budget for this year, RM9.07 billion would be spent on development for major infrastructure projects including the coastal road and second link road.

Tenders had started being awarded, particularly for the water grid and electricity projects and the state government’s push for rural development, he added.

“This ensures that the state will be a pocket of increased construction activity in Malaysia for the next few years.”