KUALA LUMPUR: Cahya Mata Sarawak Bhd
recorded a lower net profit of RM42.56 million in the first quarter ended March 31, 2023 (1Q 2023), against RM72.02 million in the same quarter last year amid lower profit contributions from associates.
Revenue, however, rose 29 per cent year-on-year to RM275.67 million from RM214.04 million previously due to higher contributions from the cement and oiltools divisions.
"Profit contributions from associates decreased by 69 per cent to RM14.01 million from RM45.72 million in 2022,” the company said in a filing to Bursa Malaysia today.
Cahya Mata said the lower profit was also attributed to the higher pre-tax loss recorded by the phosphates division as it moved to the commissioning phase.
The division’s pre-tax loss widened to RM25.7 million in 1Q 2023 from RM4.08 million in 1Q 2022.
Meanwhile, Cahya Mata Sarawak said the cement division reported higher revenue of RM159.30 million and pre-tax profit of RM37.55 million in 1Q 2023, 17 per cent higher over the financial year 2022’s revenue of RM136.64 million and 29 per cent higher than a pre-tax profit of RM29.15 million.
"The higher profitability of the division in 1Q 2023 was mainly attributable to an increase in sales,” it added. - Bernama
