by DayakDaily Team
KUCHING, May 23: Cahya Mata Sarawak Bhd (Cahya Mata) reported a net profit of RM25.34 million for the first quarter of its financial year 2025 (1QFY25), a slight decline from RM38.25 million recorded in the corresponding period last year.
The group also reported a revenue of RM246.13 million for 1QFY25, against the preceding year’s RM277.37 million.
According to its press statement, this was caused by a severe and prolonged rainy season in Sarawak earlier this year, which significantly impacted the group’s operations.
Nevertheless, Cahya Mata’s gearing ratio remains low at 0.06 times, supported by a healthy cash position of RM691.14 million with its Net Tangible Assets (NTA) per share at RM3.13, while the Net Asset per share stands at RM3.19.
“These factors indicate healthy balance sheet management and a prudent leverage strategy practiced by the group,” it said.
Meanwhile, the group’s profit before tax (PBT) for 1Q stood at RM26.87 million against the preceding year’s PBT of RM57.26 million due to unrealized foreign exchange (forex) movements caused by fluctuations in the US dollar-ringgit exchange rate.
As a result, the group incurred an unrealized forex loss of RM5.75 million in 1QFY25, compared to an unrealized forex gain of RM16.31 million in 1QFY24.
The group’s normalised PBT for 1QFY25 stands at RM32.62 million, representing a 20 per cent decrease compared to the normalised PBT of RM40.95 million in 1QFY24, after excluding the unrealised forex impact highlighted above.
It attributed this slight decrease to the oiltools strategic business unit (SBU), due to reduced rig activities across most markets compared to the same period last year, as well as the weaker performance of associates and joint ventures, which resulted in a decreased share of results during this period.
All in, the group expects that the weather conditions would improve for the rest of the year, contributing to the resumption of construction activities.
“Prospects of construction activities remain strong in Sarawak. The recent weakening of US dollar against ringgit is expected to benefit our supply chain costs,” it added. – DayakDaily
