KUALA LUMPUR (June 29): United Malacca Bhd's net profit for the fourth quarter ended April 30, 2016 (4QFY16) doubled to RM20.23 million or 9.67 sen per share, largely due to a RM10.66 million net foreign exchange gain on its US dollar-denominated loan.

It posted a net profit of RM9.94 million or 4.79 sen per share in a year earlier.

"Excluding this item, the group's pre-tax profit would be marginally higher compared with that in the corresponding quarter of the preceding year," it said in a bourse filing today.

Revenue for the quarter was marginally lower at RM47.9 million, compared with RM48.07 million in 4QFY15.

It declared an 8 sen dividend, payable on Aug 19, bringing its full year dividend to 16 sen per share.

Meanwhile, its annual net profit was 26.3% higher at RM59.57 million or 28.51 sen per share from RM47.18 million or 22.77 sen per share, though revenue slid 3.5% to RM205.74 million from RM213.15 million in FY15.

United Malacca said the extreme dry weather due to El Nino, which affected crop yields in the last two financial years, is expected to continue into the first half of the current financial year ending April 30, 2017 (FY17).

Nevertheless, it expects a better fresh fruit bunch output for FY17, with the additional 833ha of plantation maturing in Malaysia, and contribution from its newly acquired Indonesia plantations.

"Management's priority remains focused on improving labour productivity, cost efficiency and better estate management practices," it added.

Barring unforeseen circumstances, the plantation group expects satisfactory results for the coming financial year.

Its share price closed unchanged at RM5.72, for a market value of RM1.19 billion.