IOI Corp sees improvement in quarterly net profit on firmer CPO prices
The Star Online (21/02/2019) - PETALING JAYA: IOI Corp Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png, which reported a weaker set of financial results for the second quarter ended Dec 31, expects a slight improvement in the third quarter, underpinned by firmer crude palm oil (CPO) prices and a decline in palm oil stocks.
Its net profit in the second quarter fell 68% to RM196mil from RM596mil a year ago due to lower operating profit and a net foreign currency translation loss on foreign currency-denominated borrowings and deposits.
It said in a statement yesterday that revenue fell 6.4% to RM1.88bil from RM2bil a year ago. Earnings per share was at 3.11 sen compared with 9.48 sen before. It has declared an interim dividend of 3.50 sen compared with 4.50 sen a year ago.
However, it said CPO prices have improved from the three-year low in November 2018 to the current RM2,200 to RM2,300 per tonne range.