KUALA LUMPUR – Cahya Mata Sarawak Bhd’s net profit for the third quarter ended September 30, 2020 (Q3 2020), declined to RM46.71 million from RM72.83 million recorded in Q3 2019.
Revenue for the construction group dropped to RM428.42 million in Q3 2020 from RM467.18 million recorded in Q3 2019.
For the nine months ended September 30, 2020, the group posted total revenue of RM917.71 million and net profit of RM80.70 million, compared with a revenue of RM1.28 billion and net profit of RM154.93 million recorded in the same period previously.
“This was due to fewer operating days across our traditional core businesses during the movement control order period earlier this year when operations were interrupted for about two months,” the group said in a filing with Bursa Malaysia today.
In a separate statement, Cahya Mata group managing director Datuk Isaac Lugun said was satisfied with the improvement in the group’s performance for the current quarter as all divisions were focused on catching up with pending orders following earlier lockdown measures.
Commenting on the group’s outlook and prospects, he said the group would continue to build on the momentum for the remainder of the year while taking prudent steps to enhance cost control initiatives, including managing and rationalising capital expenditures.
“We intend to continue extracting value from our traditional core businesses by bolstering their overall operations and optimising efficiencies while implementing necessary measures, as well as to continue adapting and fine-tune our strategies to safeguard the sustainability of our business for the long term,” he added. – Bernama, November 25, 2020
