CMS sees strong growth in FY17
Lim Cian Yai | 01 Sep 2017 00:30
A CMS concrete plant. The group has a market share of 60% in the concrete and bitumen emulsion markets

After posting lukewarm results last year, Cahya Mata Sarawak Bhd (CMS) has staged a rebound of sorts and expects to end the financial year on a high note.

For H1 FY17 ended June 30, the Sarawak-based group’s net profit swelled to RM87.39 mil, a massive 876% increase compared to RM8.94 mil last year. The earnings surge came despite a 10% drop in revenue to RM670.57 mil versus RM745.72 mil a year ago.

The improved bottom line was mainly attributed to lower losses from associate companies, increase in profit share from joint ventures, and higher earnings from the property and cement divisions. CMS expects the improved performance to be carried throughout the rest of the year.

Group managing director Datuk Richard Curtis says the level of business activities is expected to pick up further in H2 with CMS likely to see growth in demand and price improvements. 

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