Sabah & Sarawak Extreme optimism on KKB upon initiation by MIDF Research As the leading steel fabricator in East Malaysia – and one of the only few Petronas licensed fabricators here – MIDF Amanah Investment Bank Bhd is optimistic on KKB Engineering Bhd with their initiation on the firm. With over 55 years of experience […]
KUCHING: Cahya Mata Sarawak Bhd (CMS) reported total revenue of RM1.61 billion and a pre-tax profit (PBT) of RM332.79 million for its financial year 2017 (FY17). Both its revenue and profit before tax increased by four per cent and 10 per cent, respectively, in comparison to the preceding year’s result of RM1.55 billion and RM302.14 […]
PETALING JAYA: Cahya Mata Sarawak Bhd (CMSB) saw its net profit for the fourth quarter ended December 31, 2017 slump 35.17% to RM65.80 million from RM101.51 million a year ago, due to higher production cost of cement, provision for soil erosion remedial works, foreign exchange loses and lower share of results of joint ventures.
Revenue grew 30.8% to RM588.19 million in the quarter under review from RM449.54 million in the previous year's corresponding period.
The group has proposed a final dividend of 8 sen for the quarter under review.
However, CMSB's full-year net profit stood at RM215.24 million, 27.2% higher than the RM169.18 million reported in the previous financial year due to the increase in the share of profits in associates and joint ventures coupled with the higher earnings by the construction and road maintenance and the property development divisions.
Revenue for the year inched slightly higher by 3.6% to RM1.61 billion from RM1.55 billion in the financial year ended December 31, 2016.
“There has been an up-swing in the group's financial performance for FY2017 despite the challenging market and operational conditions faced by our group. During the year, demand for construction materials and related services was sluggish but this was offset by the robust performance of our property development division, the strong contribution from our joint ventures and the turnaround of our associate, OM Materials (Sarawak) Sdn Bhd, which was buoyed by the improvement in commodity prices,” said CMSB CEO – Corporate, Datuk Isaac Lugun in a statement.
While he expects 2018 to remain sluggish, he noted that upside can be recognised as the Pan Borneo Highway project gathers momentum, raising demand for quarry products and cement-based materials.
Isaac is also hopeful that spending allocations by the state and federal governments for infrastructure and telco-infrastructure will help boost construction activity in the state.
At 2.50pm, CMSB shares gained 5 sen or 1.1% to RM4.40 on some 335,100 shares done.
Sabah & Sarawak T7 Global bags rm260 mln contracts T7 Global Bhd has won contracts, worth RM260 million, via its wholly-owned subsidiaries, Tanjung Offshore Services Sdn Bhd (TOS) and Wenmax Sdn Bhd (Wenmax). In a statement, chairman Datuk Seri Dr Nik Norzul Thani N Hassan Thani said the projects reflected the group’s commitment to project […]
KUCHING: RAM Ratings has reaffirmed the AA3/Stable rating of Cahya Mata Sarawak Bad’s (CMS) RM2 billion Islamic Medium-Term Notes Programme (2017/2037) as well as the AA3/Stable/P1 corporate credit ratings of the group. The reaffirmation of the ratings is based on the firm’s opinion that CMS’s credit metrics will remain commensurate with the ratings going forward. […]
Sabah & Sarawak Hibiscus Petroleum among top most active as group buys stake in North Sabah PSC Malaysia’s first special purpose acquisition company (SPAC), Hibiscus Petroleum Bhd,was among the top most actively traded stocks on Monday following news of its agreement to acquire a 50 per cent stake in North Sabah from Sabah Shell Petroleum […]
KUCHING: Cahya Mata Sarawak Bhd (CMS) yesterday confirmed that Datuk Richard Curtis will retire from his position as group managing director on December 31, 2017. Datuk Isaac Lugun has been redesignated to group chief executive officer (corporate) while Goh Chii Bing has been redesignated to group chief executive officer (operations). Both were appointed to their […]