KUALA LUMPUR (Nov 27): QL Resources Bhd posted higher net profit of RM59.8 million for its second quarter ended Sept 30, 2017 (2QFY18), up 18.4% compared with RM50.5 million in the previoius corresponding quarter.

Revenue came in 10.9% higher at RM808.9 million from RM729.7 million in 2QFY17.

For the first half of this financial year (1HFY18), net profit for the group stood at RM102.02 million, 10.1% higher compared with RM92.65 million registered in the same period last year.

Cumulative revenue, meanwhile, went up by 13.4% to RM1.59 billion, from RM1.4 billion in 1HFY17.

In notes accompanying its financial statements released today, the group said both its palm oil activities and integrated livestock farming segments saw higher sales and earnings for the quarter under review, compared with the same quarter a year ago.

Stronger performance at its palm oil activities was due to the increase in its own fresh fruit bunches (FFB) production and processed, as well as higher crude palm oil (CPO) prices, the group said.

As for its integrated livestock farming segment, sales and earnings were boosted by contribution from its Indonesian and East Malaysia poultry units, as well as the higher volume of feed raw materials traded.

Meanwhile, over at its marine product manufacturing segment, QL Resources said marginally lower sales and earnings were recorded during the quarter due to the post El-Nino low fish cycle in Malaysian waters.

“Barring unforeseen events, the management is confident that 3QFY18’s performance will continue to be satisfactory,” said the group in its bourse filing.

Shares in QL Resources settled three sen higher today at RM3.98, for a market capitalisation of RM6.46 billion. The stock has been on a steady climb since January this year and it has gained 19.5% year to date.