Genting Plantations Q2 Net Profit Almost Halves

PETALING JAYA: Genting Plantations Bhd posted a net profit of RM59.6mil for the second quarter ended June 30, a decline of 48.7% from RM115.9mil in the previous corresponding period, due to lower palm product prices and a decline in fresh fruit bunches production. Its revenue fell 42.2% to RM186mil, compared with RM321.9mil previously, while earnings per share was at 7.8 sen versus 15.22 sen. The company has declared an interim dividend of 3.75 sen, compared with 5 sen last year. For the first half year, the company’s net profit fell to RM96mil from RM229.3mil previously, while revenue was down 46% to RM319.3mil compared with RM595mil. In a filing with Bursa Malaysia yesterday, the company said baring any unforeseen circumstances, the group’s performance for the remaining period of the current financial year was expected to be reasonable. “The record profit achieved in the previous financial year was not expected to be matched,” it said. In a separate statement, Genting Plantations said the average crude palm oil and palm kernel prices achieved during the six-month period were RM2,209/tonne and RM990/tonne respectively compared with RM3,473/tonne and RM2,010/tonne in the first half of 2008. “Contribution from the property segment was also lower year-on-year in the first half of 2009, reflecting the softer property market conditions,” it said. “The group’s Indonesian operations incurred higher expenditure in the first half compared with the same period last year, although this was mitigated by a decline in expenditure for the biotechnology division,” it said. Source : The Star

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