IJM Profit Down on Lower CPO Prices

PETALING JAYA: Construction and plantation firm IJM Corp Bhd saw itsnet profit and revenue affected by lower crude palm oil (CPO) and building material prices for the second quarter ended Sept 30 compared with the previous corresponding period.

Net profit was down 23.71% to RM67.06mil while revenue fell 9.37% to RM1.04bil.

In a filing with Bursa Malaysia, the company said the revenue decrease was mainly due to lower prices of CPO in the quarter under review. It said revenue contribution from the plantation division declined by 41%.

Lower selling prices for building materials, coupled with lower market demand for the quarrying and erady-mix segments, resulted in the industry division reporting a 23% drop in revenue compared with a record achieved in the previous corresponding quarter, it said.

Source : The Star


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