27/06/2014 (The Star) - Plantation stock Kim Loong Resources Bhd saw its earnings doubled year-on-year in the first quarter ended April 30 to RM28.4mil from RM14.1mil on higher palm oil prices and FFB (fresh fruit bunch) production.

Revenue was up 58% to RM217mil from RM137.3mil in the same quarter a year earlier.

Earnings per share in the quarter doubled to 9.18 sen from 4.58 sen.

According to Kim Loong, revenue from its plantation operations increased 39% year-on-year, with profit soaring 81% to RM24.1mil. This was due mainly to FFB production going up 5% to 77,900 MT (metric tons), with average FFB price being 32% higher than previously.

Meanwhile its milling operations recorded a 58% increase in revenue, achieving a profit of RM19.4mil – an improvement of 144%. It sold 66,300 MT of CPO, 28% more than a year earlier, with average price higher by 16%.

On its prospects for the current financial year, the company says it expects a better performance compared to last year. This is because CPO quantity from its milling operations is projected to be higher than in the previous year, while the plantation segment should see FFB production improve