At yesterday
KUALA LUMPUR: Cahya Mata Sarawak Bhd
(CMSB) earnings rose 27.2% to RM215.23mil in the financial year ended Dec 31, 2017 from RM169.17mil a year ago, though it reported lower earnings in the fourth quarter.
The infrastructure company said on Friday its revenue rose at a slower pace of 3.6% to RM1.60bil from RM1.55bil. It proposed a dividend of eight sen a share.
CMSB said its earnings were from all four divisions: cement, construction & road maintenance, construction materials & trading, and property development.
It said the cement division's profit before tax (PBT) was RM101.34mil, slight decline from RM105mil in FY16.
CMSB said the division’s resilient performance was supported by its new cement plant in Mambong, better operational and production efficiencies of the Pending and Bintulu plants, as well as savings from lower coal and key raw material costs.
As for the construction & road maintenance division, its rose 6% to RM90.20mil on the back of higher revenue. Road maintenance revenue inched up 2% due to an increase in the length of state roads maintained.
However, this was partially negated by a reduction in the length of federal roads maintained due to the construction of the Pan Borneo Highway project.
Its construction revenue rose 65% mainly due to contributions from the Pan Borneo Highway project and the Miri-Marudi road rehabilitation project.
However, the construction materials & trading division reported a 44% decline in PBT of RM59.71mil.
As for the property development division, its PBT doubled to RM47.22mil due to the increase in revenue recognition of the Rivervale Residences housing project and the Raintree Square commercial project, and, additionally, the rental income from a hypermarket in Bandar Samariang.
CMSB also recorded a higher share of profit of RM31.62mil in FY2017 from the share of results of its joint-ventures in comparison to FY2016’s profit contribution of RM23.28mil.
The company recorded a profit of RM43.50mil in FY2017 from the share of results of its associates.
This was a significant improvement of 224% in comparison to FY2016’s losses of RM35.17mil.
In the fourth quarter, its earnings fell 35% to RM65.80mil from RM101.51mil a year ago. Its revenue was however, higher by 30.8% to RM588.18mil from RM449.53mil.
Earnings per share were 6.12 sen compared with 9.45 sen.
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