Tasek Corporation Bhd pre-tax profit falls to RM119.82 million

Tasek Corporation Bhd pre-tax profit falls to RM119.82 million

KUALA LUMPUR, Feb 16 — Tasek Corporation Bhd’s pre-tax profit for the financial year ended Dec 31, 2015 fell to RM119.82 million from RM136.32 million recorded in 2014.

Revenue increased to RM702.58 million from RM656.06 million in the corresponding year.

In a filing to Bursa Malaysia, the company said the increased revenue was mainly from higher sales volume recorded by both the cement and concrete divisions.

However, at the group level, profits declined due to lower contribution from the cement segment compounded by lower interest income and share of profit from its associated company.

On outlook, Tasek said the domestic construction sector was expected to remain challenging in the first quarter of 2016 against a backdrop of lower oil and gas revenue for the government and the effects of the ringgit’s depreciation.

“However, infrastructure projects such as the Klang Valley Mass Rapid Transit (MRT) Line 1, MRT Line 2 and Light Rail Transit Line 3 coupled with some private sector projects such as the Bukit Bintang City Centre, KL118, Tun Razak Exchange and Bandar Malaysia are expected to lead the construction sector’s growth for 2016,” it added.