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KUALA LUMPUR: Kuala Lumpur Kepong Bhd’s third quarter net profit for the period ended June 30, 2014 rose 12% to RM213.66mil from RM189.16mil a year ago.
In a statement to Bursa Malaysia on Wednesday, the plantation group said its revenue for the period rose 34.5% to RM2.92bil from RM2.17bil a year ago.
Its earnings per share rose to 20.10 sen from 17.80 the previous year.
The group said its plantation profit improved two folds to RM229.8mil which was attributed to favourable selling prices of palm products, higher fresh fruit bunches production and reduction in production cost.
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Its manufacturing sector's profit was slightly lower at RM66.5mil, due to narrower profit margins from higher raw material prices and increased processing cost.
For its property sector, profit fell 53.8% to RM10.6mil due to the recognition of lower progressive development profits in the Bandar Seri Coalfields project.
For the current quarter, the group said it had accounted for an impairment of RM19.8mil on the prepaid lease payments in Papua New Guinea.
“In the results of the preceding year's same quarter, there was a gain of RM26mil realised from the disposal of shares in an associate,” it said.
Moving forward, the group expects output of oilseeds to improve and as a result, supply of soft oils will be ample.
“With tougher measures being imposed on opening of letters of credit in China, the demand for palm oil therein will be affected.
“However, current palm oil prices trading aroundRM2,100/mt, should find support on account of biodiesel demand,” it said.
The group expects plantations profit for the current financial year to exceed that of the previous financial year in view of the results achieved to date and contracted forward sales.
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