KUALA LUMPUR: Cahya Mata Sarawak Bhd (CMS) recorded a net profit of RM38.34 million for the quarter ended March 31 2024, down from RM42.56 million a year ago.
Group revenue rose one per cent to RM277.37 million from the RM275.67 million in Q1 2023.
CMS' better results were booated by the strong performances in the
oiltools, road maintenance and property development divisions.
Additionally, profit contributions from associates increased by 22 per cent to RM17.03 million from RM14.01 million previously.
Its cement division reported a revenue of RM149.18 million and pre-tax profit of RM26.80 million, representing a 6.0 per cent and 29 pet cent decreases.
This was mainly due to lower sales volumes attributable to prolonged rainy weather affecting construction activities.
Looking ahead, the company said it remains cautiously optimistic about the prospects for 2024.
This is despite challenges stemming from the high rnggit-US dollar exchange rate and the outcome of ongoing arbitration for Cahya Mata Phosphates.
"Moving forward, Cahya Mata will continue to refine its strategies to align with growth and value opportunities.
"Through the pursuit of cost optimisation activities, the group aims to strengthen its market position and deliver sustainable value to stakeholders," it added.