KUALA LUMPUR (May 30): QL Resources Bhd's net profit for the fourth financial quarter ended March 31, 2016 (4QFY16) fell 20% to RM38.07 million or 3.05 sen a share from RM47.55 million or 3.81 sen a share a year ago, due to weaker performance at its integrated livestock farming (ILF) division.

In its bourse filing today, QL Resources attributed the decrease in profitability in its ILF division to the El Nino hot weather that affected farm productivity and the impact of weak ringgit on egg farming costs, among others.

Nevertheless, its 4QFY16 revenue came in at RM768.93 million, 16% higher than its 4QFY15 revenue of RM664.85 million, as a result of higher feed raw material traded volume, as well as higher contribution from its Indonesian feedmill unit.

Its full year ended March 31, 2016 (FY16) net profit, meanwhile, was only up a marginal 0.16% to RM192.01 million or 15.39 sen a share compared to its FY15 net profit of RM191.4 million or 15.34 sen a share.

Revenue for FY16 came in 5.4% higher at RM2.85 billion from RM2.71 billion a year ago

On prospects, QL Resources said it remains cautiously optimistic on its 1QFY17 results given the current challenging business environment.

QL Resources shares were up three sen or 0.7% to RM4.43 at the close of trading hours, for a market capitalisation of RM5.53 billion.