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KUALA LUMPUR: IOI CORPORATION BHD []'s net profit rose 12.8% to RM520.24 million in the second quarter ended Dec 31, 2010 from RM461.21 million a year ago, due mainly to higher profit contribution from the PLANTATION [] and property segment.
It said on Wednesday, Feb 16 revenue was RM3.97 billion compared to RM3.06 billion in 2009, while earnings per share was 8.15 sen. Net assets per share was RM1.73. IOI Corp declared an interim single tier tax-exempt dividend of 80% or 8.0 sen per ordinary share of 10 sen each in respect of the financial year ending June 30, 2011.
In the 2Q ended Dec 31, 2010, total fair value losses on derivative contracts recognised were about RM73 million.
For the six months ended Dec 31, IOI Corp net profit rose to RM1.02 billion from RM939.59 million, on the back of revenue RM7.49 billion.
IOI Corp's plantation segment reported a 14% increase in operating profit to RM363.7 million for 2QFY2011 as compared to RM319.9 million a year ago.
It said the higher profit was mainly due to higher crude palm oil (CPO) and palm kernel (PK) prices realised.
Average CPO price realised for 2QFY2011 was RM2,800 per tonne compared to RM2,225 for 2Q FY2010, while average palm kernel price realised for 2Q FY2011 is RM1,979 compared to RM1,089 for 2Q FY2010, it said.
The higher operating profit for property development and investment was mainly due to gains recognised on disposal of investment PROPERTIES [] amounting to approximately RM61 million during 2Q FY2011, said IOI Corp.
Despite the higher profits achieved in refining activities, the resource-based manufacturing segment recorded lower profits mainly due to fair value losses on the adoption of FRS 139, it said.
On its prospects, IOI Corp said the group was expected to perform satisfactorily in the current financial year underpinned by strong palm oil and palm kernel prices and a resilient property market.
KUALA LUMPUR: IOI CORPORATION BHD []'s net profit rose 12.8% to RM520.24 million in the second quarter ended Dec 31, 2010 from RM461.21 million a year ago, due mainly to higher profit contribution from the PLANTATION [] and property segment.
It said on Wednesday, Feb 16 revenue was RM3.97 billion compared to RM3.06 billion in 2009, while earnings per share was 8.15 sen. Net assets per share was RM1.73. IOI Corp declared an interim single tier tax-exempt dividend of 80% or 8.0 sen per ordinary share of 10 sen each in respect of the financial year ending June 30, 2011.
In the 2Q ended Dec 31, 2010, total fair value losses on derivative contracts recognised were about RM73 million.
For the six months ended Dec 31, IOI Corp net profit rose to RM1.02 billion from RM939.59 million, on the back of revenue RM7.49 billion.
IOI Corp's plantation segment reported a 14% increase in operating profit to RM363.7 million for 2QFY2011 as compared to RM319.9 million a year ago.
It said the higher profit was mainly due to higher crude palm oil (CPO) and palm kernel (PK) prices realised.
Average CPO price realised for 2QFY2011 was RM2,800 per tonne compared to RM2,225 for 2Q FY2010, while average palm kernel price realised for 2Q FY2011 is RM1,979 compared to RM1,089 for 2Q FY2010, it said.
The higher operating profit for property development and investment was mainly due to gains recognised on disposal of investment PROPERTIES [] amounting to approximately RM61 million during 2Q FY2011, said IOI Corp.
Despite the higher profits achieved in refining activities, the resource-based manufacturing segment recorded lower profits mainly due to fair value losses on the adoption of FRS 139, it said.
On its prospects, IOI Corp said the group was expected to perform satisfactorily in the current financial year underpinned by strong palm oil and palm kernel prices and a resilient property market.
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