Cahya Mata Sarawak at highest since 1997

KUALA LUMPUR: Shares of Cahya Mata Sarawak Bhd (CMSB) climbed to a high of RM8.42 on Wednesday, the highest since September 1997 as it is a key beneficiary from Sarawak's infrastructure development.

At 3.07pm, CMSB was up 42 sen to RM8.38. Turnover was 1.01 million shares at prices ranging from RM7.95 to RM8.42.

The cement producer has effectively rebounded from the recent decline ahead of the resignation of Tan Sri Abdul Taib Mahmud as the Chief Minster in February.

The rebound was also underpinned by its strong financial performance in FY ended Dec 31, 2013.

In FY13, it posted pre-tax profit of RM295.27mil, up 30% from FY12's RM226.91mil.

The profit before tax in Q4, 2013 increased 75% to RM109.12mil from the RM62.37mil a year ago and from the third quarter ended Sept 30, 2013 of RM62.53mil.

CMSB's profit before tax was due from its cement division which recorded a 46% increase to RM96.66mil from the RM66.37mil in FY12.

CMSB said it was one of the best proxy listed investments for Sarawak's accelerating economic growth. This was due to the State's plan to promote energy intensive industries under the Sarawak Corridor for Renewable Energy (SCORE) and secondly from the infrastructure required across the state.