KUALA LUMPUR (May 22): Lafarge Malaysia Bhd continued to bleed as its first quarter ended March 31, 2018 (1QFY18) saw net loss expanding to RM68.73 million, from RM48.93 million a year ago, its filing with Bursa Malaysia showed.
 
Loss per share rose to 8.1 sen in 1QFY18, from 5.8 sen in 1QFY17. 

Quarterly revenue slipped 2.67% to RM546.83 million from RM561.85 million a year ago, as a result of lower sales contribution from the cement segment, because of a soft market demand, increased industry capacity and continued pricing pressures. 

“Lower operating profit from the cement segment is due to weak demand, coupled with a more competitive environment. The situation was further exacerbated by the increase in coal and petcoke prices and one-off gain on disposal of land and higher foreign exchange gain recorded in the corresponding quarter last year,” Lafarge said. 

Moving forward, Lafarge said business is expected to remain challenging. 

“The group will focus on cost reduction and further improving its operational efficiency. There will be continued efforts on enhancing the value creation of cement, capitalising on its strong reputation and proven track record with infrastructure projects. The group is also focusing its efforts on growing its Drymix business,” the filing added. 

Lafarge closed down three sen or 0.76% to RM3.90 today, for a market capitalisation of RM3.31 billion.