KUALA LUMPUR (Feb 28): PPB Group Bhd, controlled by the Kuok Group, saw net profit fall 24.2% to RM375.93 million in the fourth quarter ended Dec 31, 2017 (4QFY17) from RM496.03 million a year ago, on lower contributions from the grains and agribusiness, consumer products and property segments.

This was offset by significant growth in the film exhibition and distribution segment, which saw profit rise to RM11.7 million in 4QFY17 from RM1.4 million in 4QFY16, primarily due to foreign exchange translation gains and higher number of blockbuster movies released.

The decline in quarterly earnings resulted in a lower earnings per share of 31.71 sen in 4QFY17 compared with 41.84 sen in 4QFY16.

Quarterly revenue, however, was up 11.1% to RM1.14 billion in 4QFY17 from RM1.02 billion a year ago, with growth coming from across all major business segments.

The diversified conglomerate also declared a final dividend of 22 sen per share for the financial year ended Dec 31, 2017 (FY17), payable on May 31.

For FY17, net profit rose 15.4% to RM1.21 billion from RM1.04 billion the previous year, while revenue grew 2.8% to RM4.31 billion from RM4.19 billion in FY16.
 
PPB attributed the improved performance for FY17 to its main associate Wilmar International Ltd, which recorded a 25.5% increase in net profit to US$1.23 billion from US$980 million in FY16.

On prospects for FY18, PPB expects its overall financial results to continue to be supported by the business performance of Wilmar.

PPB shares closed down 48 sen or 2.64% at RM17.70 today, giving it a market capitalisation of RM20.98 billion.