03/08/2012 (Bernama) - Genting Plantation Bhd's (GENP) net profit for the second quarter ended June 30, 2012 is expected to be flat quarter-on-quarter at RM80-RM90 million, says Maybank Investment Bank (Maybank IB).

In a research note today, the bank said the expected flattish results followed disappointing fresh fruit bunches (FFB) output and stable spot of crude palm oil average selling price.

"As a result, the first-half results would amount to just about 35 per cent of our previous financial year 2012 (FY12) net profit forecast.

"Ahead of its results release, we cut our FY12 net profit estimate by 12 per cent to reflect no growth in FFB production for 2012," it said.

Maybank IB said production has entered a seasonally stronger period and the bank expected earnings to play significant catch-up in second half of 2012.