IOI Corp Q2 profit up

PETALING JAYA: IOI Corp Bhd, a palm oil player, records a 12.8% year-on-year (YoY) in net profit to RM520.2mil for its second quarter ended Dec 31, 2010 due to better performance of its plantation and property businesses.

Revenue for the period under review was also up by 29.7% YoY to RM3.97bil.

According to IOI Corp in its filing to Bursa Malaysia today, the plantation segment reported a 14% increase in operating profit to RM363.7mil for the quarter under review as compared to RM319.9mil a year ago.

“The higher profit is mainly due to higher crude palm oil (CPO) and palm kernel (PK) prices realised,” it said.

Average CPO price realised for quarter under review RM2,800 per tonne compared to RM2,225 per tonne a year ago, while average PK price realised for the quarter RM1,979 per tonne compared to RM1,089 a year ago. “The higher operating profit for property development and investment is mainly due to gains recognised on disposal of investment properties amounting to approximately RM61mil during the quarter.

Cumulatively, IOI net profit for the first six months of the current financial year was at RM1.02bil compared to RM939.5mil in the same period in the previous financial year.

Its revenue for six months period also went up to RM7.49bil from RM6.33bil a year ago.

source: thestar