KUALA LUMPUR (Feb 15): Hume Cement Industries Bhd’s net profit declined 41.04% to RM4.47 million for the second quarter ended Dec 31, 2022 (2QFY2023), from RM7.58 million a year earlier, dragged down by higher input costs from coal and electricity.

This is despite quarterly revenue rising 31.97% to RM255.27 million, from RM193.44 million in 2QFY2022, following a revision in cement’s retail selling price and higher sales volume, the group said in a filing with Bursa Malaysia.  

No dividend was declared by the cement manufacturer during the quarter.

For the first six months of FY2023, Hume Industries’ net loss widened to RM7.57 million, from RM3.74 million in the same period of FY2022, although revenue rose 43.72% to RM462.06 million from RM321.50 million.

Hume Cement attributed the higher net loss to the higher input costs from coal and electricity.
 
Moving forward, the group expects its performance to be in tandem with the domestic post-pandemic economic recovery.

“However, we remain cautious of input costs, and the group will continue to monitor and remain agile in responding to the dynamic market conditions and (in) further optimising internal operational efficiency,” it said.

Hume Industries’ share price settled unchanged at RM1.02 on Wednesday (Feb 15), translating into a market capitalisation of RM514 million. The stock has appreciated 32.5% from its recent low of 77 sen in October last year.