KUALA LUMPUR (Nov 23): PPB Group Bhd reported a marginal increase of 0.13% in its net profit for the third quarter ended Sept 30, 2017 (3QFY17) at RM381.97 million, compared with RM381.45 million in the same quarter a year ago, despite recording a higher revenue.

Quarterly revenue rose 9.7% to RM1.08 billion, from RM983.72 million in 3QFY16, as all major business segments recorded higher revenue during the quarter.

Earnings per share was also similar at 32.22 sen, compared with 32.18 sen last year.

For the cumulative first nine months of 2017 (9MFY17), PPB recorded a net profit of RM829.52 million, a significant jump of 51.1%, from RM548.96 million in the same period a year ago.

In a filing with Bursa Malaysia, the group said the increment was mainly attributable to a substantial increase in contribution from its associate, Wilmar International Ltd, which recorded a net profit of US$792 million, compared with USD411 million last year.

Revenue for the period was broadly unchanged at RM3.168 billion, compared with RM3.163 billion in 9MFY16, as higher revenue from grains and agribusiness segment, as well as consumer products segment, were partially offset by lower revenue from other business segments.

On its prospect for the rest of the year, PPB expects the group's main business segments to perform satisfactorily in 2017, and that the overall group financial results will continue to be supported by Wilmar's business performance.

"Although the flour markets in Malaysia, Indonesia and Vietnam remain competitive, the grains and agribusiness segment is expected to perform satisfactorily. 

Performance of the consumer products segment is expected to remain stable. The film exhibition and distribution business segment will continue to be driven by newly-opened cinemas in Malaysia and Vietnam; and the movie title releases for the rest of the year. The environmental engineering and utilities segment will continue to focus on timely completion of its ongoing projects and participate in tendering for prospective projects. The launching of the mixed development project in Taman Megah, Petaling Jaya in November 2017 is expected to contribute positively in the coming financial year," the group's filing added.

At market close today, PPB shares were up 10 sen or 0.6% to settle at RM16.76, for a market capitalisation of RM19.70 billion.