Tasek’s net profit up by 43% in second quarter

Byrebecca3360

Updated Thu, 07 Aug 2014 09:58:53 GMT

Malaysia: Tasek Corp Bhd has announced a net profit of US$9.7m in the second quarter of 2014, an increase of 42.5% from a net profit of US$6.8m in the same quarter of 2013. Its revenue was 20.8% higher year-on-year at US$53.6m, compared with US$44. The company said that the higher revenue was mainly due to higher demand for cement in Malaysia, with its concrete and aggregate units performing less well.

For the six months to 30 June 2014, Tasek's net profit climbed by 28.7% year-on-year to US$17.6m from US$13.6m in the same period in 2013. Revenue grew by 20.3% to US$104m from US$86.1m a year earlier.

"The ongoing government projects under the Economic Transformation Programme such as the MRT (mass rapid transit) and LRT (light rail transit) line extension projects, are expected to continue to lead the construction sector's growth in the remaining months of 2014," said the company in a statement to the Malaysia Bourse. It anticipates that its performance will 'continue to be positive' in the third quarter of 2014.