KUALA LUMPUR: CHIN TECK PLANTATION []S BHD []'s net profit for the third quarter ended May 31, 2010 (3Q10) fell 23.8 % to RM10.89 million from RM14.29 million a year ago on the back of a higher revenue of RM29.62 million versus RM28.37 million.
In a filing to Bursa Malaysia, on Friday, July 30, the company's revenue increased 4.4% mainly due to a substantial increase in the average selling prices of fresh fruit bunches (FFB) and palm kernel (PK) even though the production of FFB, crude palm oil (CPO), and PK were significantly lower, resulting in reduced sales volume.
"Overall share in profits of associates were lower due mainly to a decrease in contribution from the joint ventures engaged in oil palm plantation in Indonesia," it said.
Chin Teck posted earnings per share of 11.92 sen for 3Q10 as against 15.65 sen in the same quarter last year. Its net asset per share stood at RM6.02 as at May 31.
Th company declared a second interim dividend of 24 sen per stock less tax for the financial year ending Aug 31, 2010 (FY10) which would be payable on Aug 30, 2010.
For the nine months ended May 31, 2010, Chin Teck's net profit rose 13% to RM35.43 million from RM31.37 million in the same period last year. Revenue increased marginally to RM82.24 million from RM82.19 million.
On its prospect, the group said the average selling price of CPO for the remaining financial quarter in respect of the year ending Aug 31, 2010 was expected to remain strong and should have a positive impact on the plantation profit.
The stock today added one sen to close at RM7.91 with 14,600 shares traded.
In a filing to Bursa Malaysia, on Friday, July 30, the company's revenue increased 4.4% mainly due to a substantial increase in the average selling prices of fresh fruit bunches (FFB) and palm kernel (PK) even though the production of FFB, crude palm oil (CPO), and PK were significantly lower, resulting in reduced sales volume.
"Overall share in profits of associates were lower due mainly to a decrease in contribution from the joint ventures engaged in oil palm plantation in Indonesia," it said.
Chin Teck posted earnings per share of 11.92 sen for 3Q10 as against 15.65 sen in the same quarter last year. Its net asset per share stood at RM6.02 as at May 31.
Th company declared a second interim dividend of 24 sen per stock less tax for the financial year ending Aug 31, 2010 (FY10) which would be payable on Aug 30, 2010.
For the nine months ended May 31, 2010, Chin Teck's net profit rose 13% to RM35.43 million from RM31.37 million in the same period last year. Revenue increased marginally to RM82.24 million from RM82.19 million.
On its prospect, the group said the average selling price of CPO for the remaining financial quarter in respect of the year ending Aug 31, 2010 was expected to remain strong and should have a positive impact on the plantation profit.
The stock today added one sen to close at RM7.91 with 14,600 shares traded.
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