29/05/2017 (The Edge Markets) - KUALA LUMPUR (May 29): QL Resources Bhd's net profit climbed 24% to RM47.24 million in the fourth quarter ended March 31, 2017 (4QFY17), from RM38.14 million in 4QFY16, backed by higher crude palm oil (CPO) price and a gain on disposal.

Revenue for the quarter was up 6% year-on-year to RM813.73 million from RM770.22 million.

QL Resources said its palm oil activities division saw a 45% increase in sales due to higher CPO price and volume of fresh fruit bunch processed by its Indonesian unit.

However, its marine product manufacturing division was affected by lower contribution from surimi and fishmeal operations due to overall lower fish catch, resulting in marginally lower sales and earnings.

Meanwhile, its integrated livestock farming division reported bigger profit contribution amid better contribution from the Vietnam poultry unit and the Indonesian feedmill unit, as well as a gain on disposal of investment properties in 4QFY17.

For the full-year period (FY17), net profit climbed 2% to RM195.92 million from RM192.08 million in FY16, while revenue increased 6% to RM3.01 billion from RM2.85 billion.

"Barring unforeseen events, the management is confident that 1QFY18 performance will continue to be satisfactory," said the group on its prospects.

QL Resources shares rose 1 sen or 0.2% to close at RM4.96, giving it a market capitalisation of RM6.14 billion.