Cahya Mata Sarawak posts net profit of RM9.9mil in 3Q

KUALA LUMPUR: Cahya Mata Sarawak Bhd’s (CMS) net profit plunged 93.5% to RM9.9mil in the third quarter ended Sept 30 from RM154.4mil from the corresponding period a year ago.

Cahya Mata said the lower profit was mainly attributable by one-off gains in in preceding year’s corresponding period from the recognition of negative goodwill of RM62.47mil, reversal of impairment of RM37.69mil on OM Materials investment and loan, lower share of results of associates by RM28.28mil in PE2023 and the higher loss before tax recorded by the phosphates division as it moves to the commissioning phase.