KUALA LUMPUR: Genting Plantations Bhd’s net profit in the third quarter ended Sept 30, 2017 (3QFY17) fell 19% year-on-year (y-o-y) to RM76.51 million from RM94.16 million, on lower contributions from its Malaysian plantation operations and its property segment.
Quarterly revenue, however, rose 8% y-o-y to RM429.36 million from RM396.67 million, on higher fresh fruit bunch (FFB) production in Indonesia, and higher sales of refined palm products, which more than compensated for the lower FFB production in Malaysia and lower revenue recognition from the property segment.
For the first nine months of FY17 (9MFY17), its net profit rose 48% y-o-y to RM220.01 million from RM148.97 million a year ago, as revenue grew 32% to RM1.28 billion from RM966.67 million.
According to the group’s Bursa Malaysia filing, the stronger performance was due to stronger palm product selling prices, and higher sales of biodiesel and refined palm products.
Year to date (YTD), Genting Plantations said it achieved a crude palm oil price of RM2,617 per tonne in 3QFY17, which was steady y-o-y, while the YTD selling price was higher at RM2,770 per tonne.
Genting Plantations said its earnings for the rest of 2017 will depend on the performance of its plantation segment, comprising operations in both Malaysia and Indonesia.