Below expectations. 1QFY12/10 reported core net profit of RM48.1m came in below expectations, which accounted for only 10.1-11.2% of our full-year forecast and the full-year market consensus. We believe the variance against our forecast came largely from:
(1) Lower-than-expected cement selling prices; and
(2) Higher-than-expected operating expenses.
Lafarge (M) Cement Berhad : 1Q FY12/10 Performance Declines 47% On Weak - 27/05/2010
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