Cepatwawasan 2Q net profit jumps 390%

KUALA LUMPUR: CEPATWAWASAN GROUP BHD’s net profit jumped 390% to RM13.55 million in the second quarter ended June 30, 2011 from RM2.77 million a year ago, boosted by higher crude palm oil (CPO) and palm kernel prices.

It said on Wednesday, Aug 3 that revenue increased by 59.5% to RM79.32 million from RM49.73 million. Earnings per share were 6.42 sen versus 1.31 sen.

It said the higher revenue was due to higher CPO and palm kernel prices by 32% and 68% respectively and a 35% increase in fresh fruit bunches (FFB) production.

“The group reported a profit before tax of RM19.24 million for this quarter under review, which is an increase of 365% from the preceding year corresponding quarter mainly due to higher CPO and PK prices by 32% and 68% respectively and a 35% increase in FFB production,” it said.

In the first half, net profit rose to RM21.71 million from RM7.97 million while revenue was RM139.83 million versus RM98.87 million.

Cepatwawasan said barring any unforeseen circumstances, the board was confident that the group’s prospects will remain bright in view that CPO and PK prices has recently stabilised around RM3,100 and RM1,900 per tonne respectively.