Business

Wednesday November 25, 2009

Two divisions help lift IOI Corp profit


PETALING JAYA: Plantation and property group IOI Corp Bhd saw net profit rise 65% to RM478.38mil for the three months ended Sept 30 compared with the previous corresponding quarter due to higher contributions from the property and manufacturing segments.

Revenue, however, was down almost 30%.

In an announcement to Bursa Malaysia, the company said there was also an unrealised gain from US dollar-denominated borrowings.

It added that the plantation segment reported a 56% decrease in operating profit to RM249.78mil for the quarter under review due to lower crude palm oil (CPO) prices as well as lower fresh fruit bunch production.

It said average CPO prices realised for the quarter was RM2,294 per tonne versus RM3,391 for the previous corresponding quarter.

“The resource-based manufacturing segment reported higher profits despite lower sales achieved as the results for the quarter included realised foreign exchange losses.”

IOI said the property development and investment segments saw operating profit of RM162mil or 2.4 times the profit reported previously mainly due to increased sales of higher-end residential and commercial properties in the Klang Valley.


IOICORP : [Stock Watch] [News]


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