Friday 29 Mar 2024
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KUALA LUMPUR (Nov 19): IJM Plantations Bhd was back in the black for its second quarter ended Sept 30, 2021 (2QFY22), posting a net profit of RM101.04 million or 11.47 sen per share from a net loss of RM1.04 million or 0.12 sen per loss a year ago, thanks to higher commodity prices coupled with the increase in fresh fruit bunch (FFB) production.

For the quarter under review, the rupiah strengthened against both the US dollar and the Japanese yen, resulting in net foreign exchange gains from its foreign currency-denominated borrowings to RM7.74 million versus net foreign exchange loss of RM34.97 million in 2QFY21, the group said in a bourse filing Friday (Nov 19).

The group’s quarterly revenue climbed 41.83% year-on-year (y-o-y) to RM299.78 million against RM211.37 million, mainly due to the recovery of FFB production in its Indonesian operations.

Compared with the immediate preceding quarter of 1QFY22, however, IJM Plantations' net profit surged 68.23% from RM60.06 million, while revenue increased by 10.33% from RM271.71 million.

For the first half ended Sept 30, 2021 (1HFY22), the group recorded a 98.7% hike in net profit to RM161.1 million from RM81.08 million a year ago, while revenue grew 36.93% to RM571.5 million from RM417.35 million.

Looking ahead, IJM Plantations said it is optimistic of a favourable financial performance for the current financial year based on the market expectation that palm product prices would remain elevated.

“However, this is barring any volatility of the foreign exchange rates, particularly that of the rupiah against the US dollar and Japanese yen, and any adverse weather impact disrupting crop production,” it added.

IJM’s Plantations shares closed unchanged at RM3.10, with a market capitalisation of RM2.73 billion. The counter has surged 68.48% year-to-date.

Edited ByLam Jian Wyn
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