Thursday 28 Mar 2024
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KUALA LUMPUR (March 28): United Malacca Bhd’s net profit for the third  quarter ended Jan 31, 2017 (3QFY17) more than doubled to RM33.67 million or 16.09 sen per share, from RM14.8 million a year ago or 7.07 sen per share a year ago.

The plantation group attributed this mainly to higher average prices of crude palm oil (CPO) and palm kernel, as well as higher fresh fruit bunches (FFB) production.

In a filing with Bursa Malaysia today, United Malacca said revenue rose 51.4% to RM75.77 million from RM50.04 million in 3QFY16.

The group’s plantation operations in Malaysia reported a profit of RM23.9 million, up 214% compared with RM7.61 million in 3QFY16.

This was mainly due to higher average prices of CPO (RM3,069/tonne compared with RM2,156/tonne) and palm kernel (RM3,205/tonne compared with RM1,783/tonne) as well as an increase in FFB production by 14% or 9,343 tonnes.

The group’s Indonesia plantation reported a profit of RM2.56 million for the quarter mainly due to higher FFB production as well as higher FFB selling price.

For the first nine months of FY17, United Malacca reported a 41.2% increase in net profit to RM55.55 million or 26.55 sen per share, from RM39.34million or 18.84 sen per share a year ago.

This is on the back of a 29.5% rise in revenue to RM204.43 million from RM157.84 million in the same period of FY16.

United Malacca’s share price rose four sen (0.66%) to RM6.10, for a market capitalisation of RM1.28 billion.

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