Tasek Corp Bhd posted a net loss of RM5.99 million in the third quarter ended Sept 30, 2018, (3Q18) against a net profit of RM1.89 million a year ago on the back of intense pricing competition due to lower demand for cement in the domestic market.
In an exchange filing yesterday, the cement maker noted rising costs of production for both cement and ready-mixed concrete segments and lower interest income further affected the performance of the group in the period.
Revenue for the quarter increased marginally to RM149.88 million from RM146.55 million in 3Q17. Tasek added higher share of profit from a associate company in the quarter partly mitigated the group’s loss. The board views the outlook for domestic demand of cement for the remaining quarter to remain soft brought on by the slowing construction sector and review of some major infrastructure projects.
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var EMOTE_TEXT = ["HAPPY","INDIFFERENT","AMUSED","EXCITED","ANGRY","SAD"]The post Tasek posted a net loss of RM5.99m in 3Q18 appeared first on The Malaysian Reserve. [...]