MARKET DEVELOPMENT
KL Kepong PBT Soars To RM911 Million In Q1
KL Kepong PBT Soars To RM911 Million In Q1
18/02/2016 (Bernama) - Plantation company Kuala Lumpur Kepong Bhd's (KLK) pre-tax profit for the first quarter ended Dec 31, 2015 soared to RM911 million from RM294.3 million in the preceding year corresponding quarter.
Revenue jumped to RM4.33 billion from RM3.11 billion previously.
In its filing to Bursa Malaysia, the group said the outlook for the plantation sector remained challenging for the current financial year.
Without taking into account the surplus on sales of plantation land in the current quarter, the group anticipates a satisfactory profit for the financial year 2016.
Meanwhile, KLK Group Plantation Director Roy Lim Kiam Chye said for the financial year 2016, the company's prospect for profits from palm oil and rubber would not be much different from that of 2015 due to the economic slowdown.
He said the low expectation was caused by plunging oil prices which would affect demands for biodiesel as well as drought which hit Indonesia last year that would affect oil palm production.
"Besides that, all our oilseed competitors such as sunflower and soybean are having very good harvests this year and these will put a cap to our price," he told reporters after the group's annual general meeting in Ipoh today.
KLK has 250,000 hectares of plantations in Malaysia and Indonesia, and about 20,000 hectares in Liberia.
Revenue jumped to RM4.33 billion from RM3.11 billion previously.
In its filing to Bursa Malaysia, the group said the outlook for the plantation sector remained challenging for the current financial year.
Without taking into account the surplus on sales of plantation land in the current quarter, the group anticipates a satisfactory profit for the financial year 2016.
Meanwhile, KLK Group Plantation Director Roy Lim Kiam Chye said for the financial year 2016, the company's prospect for profits from palm oil and rubber would not be much different from that of 2015 due to the economic slowdown.
He said the low expectation was caused by plunging oil prices which would affect demands for biodiesel as well as drought which hit Indonesia last year that would affect oil palm production.
"Besides that, all our oilseed competitors such as sunflower and soybean are having very good harvests this year and these will put a cap to our price," he told reporters after the group's annual general meeting in Ipoh today.
KLK has 250,000 hectares of plantations in Malaysia and Indonesia, and about 20,000 hectares in Liberia.