Revenue declined 42.2% to RM185.9 million from the previous corresponding quarter while profit before tax and net profit fell 51.3% and 48.6% to RM76.8 million and RM59.1 million, respectively. Earnings per share of 7.8 sen for the quarter was 48.7% lower than 15.22 sen a year earlier.

For the six-month period ended June 30, 2009, net profit fell 58.2% to RM95.9 million as revenue shrank 46.3% to RM319.3 million.  

The plantation segment saw revenue contract 42% year-on-year (y-o-y) to RM166.3 million in the second quarter. Operating profit declined 54% to RM70.8 million for its Malaysian operations.

On a cumulative basis, the plantation business also performed poorly when compared to last year as revenue fell 47% to RM282.2 million while operating profits fell 59% to RM117.1 million.

In comments with its results, the group said it achieved lower average crude palm oil (CPO) and palm kernel prices during the three and six-month periods. In the first half (1H) ending June 30, 2009, it registered an average CPO selling price of RM2,209 or 36% lower than the previous corresponding period. Meanwhile, FFB production in the quarter reported and six-month period shrank 11% and 8% from their previous corresponding periods.  

The property segment also recorded lower revenue and profit before tax for the current quarter and first-half FY 2009 compared with the previous year's corresponding period due to softer property market conditions.

Nevertheless, the group showed improvement in the current quarter compared to the preceding quarter as total revenue and profit before tax rose 39% and 61%. The improvement is attributed to higher CPO prices and FFB production.

The group said it expects to perform reasonably although this year's financial performance is not expected to match the previous financial year's. It declared an interim dividend of 3.75 sen per ordinary share of 50 sen each, less 25% tax. The interim dividend is payable on Oct 15, 2009. Genting Plantations closed at RM5.88 today.