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KUALA LUMPUR, May 18 (Bernama) -- Sarawak's diversified group Cahya Mata Sarawak Bhd's net profit for the first quarter (Q1) ended March 31, 2022 slipped to RM72.02 million against RM77.80 million recorded in the same period last year.
Revenue, however, rose to RM214.04 million from RM202.06 million previously, the group said in a filing with Bursa Malaysia today.
The group, which is involved in several sectors from cement-making to trading, road maintenance to property development and other strategic sectors said its slightly improved pre-tax profit of RM83.86 million in Q1 2022 versus RM82.56 million a year ago was mainly due to better performance recorded by the cement and road maintenance divisions and a higher share of profits from associates by RM15.42 million.
"The core earnings reported for 1Q 2022 were considerably better as the pre-tax profit reported in Q1 2021 also included one-off gains from the disposal of shares in Kenanga Investment Bank Bhd (KIBB) amounting to RM28.52 million and the disposal of land and investment properties of RM12.74 million," it said.
The group said its net tangible asset per share is RM2.87 versus RM2.80 a year ago.
The rise in development expenditure by the Federal and state government is expected to lift the construction segment and its related industries. The group also expects improved performance across all its divisions in 2022.
"Despite challenges stemming from the higher raw material costs and global supply-chain constraints, the group’s key initiatives continued to be implemented across all business divisions in response to the gradual recovery of the economy to sustain the business," It added.
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