CMS notches up significant improvement for 3Q20 PBT

CMS group managing director Datuk Isaac Lugun says CMS will continue to build on the strong earnings momentum for the remainder of the year.

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KUCHING, Nov 25: Cahya Mata Sarawak Berhad (CMS) reported 255 percent increase in its third-quarter profit before tax (PBT) of RM81.7 million as compared to its second-quarter PBT of RM23 million ended June 2020.

The company in a media statement today said the group also registered significant improvement in both its revenue and PBT in 3Q20 ended September 2020 as compared to the previous quarter ended June 2020, as most of its businesses were back in full operation following the Movement Control Order (MCO) imposed earlier this year.

CMS said the group’s 3Q20 revenue soared to RM428.4 million as opposed to RM206.8 million recorded in 2Q20.

It added all the traditional core businesses of the group registered improvement in both revenue and PBT contributions.

Commenting on the group’s 3Q20 financial results, CMS group’s managing director Datuk Isaac Lugun said, “Our revenue and profitability improved significantly this quarter as we moved towards full operations and recorded improvements across all traditional core business as compared to 2Q20.

“We are pleased that our catch-up strategies have yielded results as reflected in our performance,” he said.

Meanwhile, CMS said the group reported lower revenue and PBT for the nine months period ended September 30.

The company explained that the lower revenue and PBT for nine months ended September 2020 as a result of fewer operating days across its traditional core businesses during the MCO period earlier this year when its operations were interrupted for about two months.

Moving forward, Isaac said, “We deem our performance this quarter to be satisfactory as all divisions are focused on catching up with pending orders and works following the earlier lockdown closures.

“We will continue to build on this momentum for the remainder of the year while taking prudent steps to enhance our cost control initiatives including managing and rationalizing capital expenditures.

“We intend to continue extracting value from our traditional core businesses by bolstering their overall operations and optimising efficiencies.

“We are implementing the necessary measures and will continue to adapt and fine-tune our strategies to safeguard the sustainability of our business for the long-term,” he added. —DayakDaily