IOI Corp records higher 1Q pre-tax profit of RM661.74m

KUALA LUMPUR: IOI Corporation Bhd recorded a higher pre-tax profit of RM661.74 million for its first quarter ended Sept 30, 2010, compared to the RM625.11 million in the previous corresponding period.

In a Bursa filing on Thursday, Nov 18, the company said the higher profit was due mainly to higher profit contribution from the plantation segment and a higher unrealised translation gain on foreign denominated borrowings.

Revenue rose to RM3.51 billion, a 7% increase from RM3.27 billion previously.

Its plantation segment reported a RM345.3 million operating profit for its first quarter 2011, a 38% increase, from the RM249.8 million recorded in the same period last year.

It said, the higher profit was due mainly to higher crude palm oil (CPO) prices, with first quarter average CPO prices realised at RM2,598/MT, compared to RM2,294/tonne in the last corresponding period.

The group expects a satisfatory performance for its current fiscal year, underpinned by strong CPO prices and resilient property market. — Bernama