Malaysia’s second largest palm oil producer IOI Corp Bhd (1961)saw its first-quarter net profit rise by 65 per cent from a year earlier, on stronger contributions from its property and manufacturing segments.
Its operating profit in the plantation division fell by 56 per cent due to weaker palm oil prices and lower production. The average crude palm oil price realised for the quarter was RM2,294 per tonne compared with RM3,391 per tonne a year earlier. The group said its resource-based manufacturing segment saw higher profits despite lower sales as the previous quarter had included foreign exchange losses. Meanwhile, operating profit in the property development and investment segments was about 2.4 times more than a year earlier, due mainly to increased sales of higher-end residential and commercial properties in the Klang Valley. IOI’s share price rose 6 sen to RM5.39 yesterday. Source : Business Times