KUALA LUMPUR: IOI CORPORATION BHD [] reported net profit of RM656.71 million in the third quarter ended March 31, 2011, up 19.6% from the RM549.02 million a year ago, boosted by the better overall performance of the group, especially PLANTATION []s.
It said on Monday, May 16 that its 3QFY11 pre-tax profit of RM780.86 million was 10% higher than the profit of RM709.27 million a year ago. Revenue rose 37.7% to RM4.34 billion from RM3.15 billion while earnings per share were 10.25 sen versus 8.6 sen.
'The plantation segment reported a 16% increase in operating profit to RM328.2 million for 3QFY11 as compared to RM282.0 million for 3QFY10. The higher operating profit achieved is due to higher crude palm oil (CPO) and palm kernel (PK) prices partially offset by lower fresh fruit bunches (FFB) production,' it said.
Average CPO and PK prices realised for 3Q11 were RM3,019 a tonne and RM2,772 a tonne compared to RM2,480 a tonne and RM1,331 a tonne for 3QFY10.
IOI Corp said the resource-based manufacturing segment reported an operating profit of RM184.5 million for 3QFY11 as compared to RM128.6 million in 3QFY10.
However, after excluding the changes in fair value on derivative contracts which amounted to a gain of RM99.1 million during 3QFY11, the results of the resource-based manufacturing segment was lower than a year ago, due mainly to lower margins from speciality fats and oleochemicals.
IOI Corp said the property segment's operating profit of RM137.3 million for 3QFY11 was 10% higher than a year ago mainly due to compensation of RM22 million received in respect of compulsory acquisition of land.
For the nine-months ended March 31, 2011 (9MFY11), it said net profit was RM1.74 billion compared with RM1.52 billion in the previous corresponding period (9MFY10). Revenue was higher at RM11.83 billion versus RM9.48 billion.
IOI Corp's pre-tax profit was RM2.13 billion, up 10% from the RM1.93 billion a year ago due to higher profit contribution from the plantation and property segments.
'The plantation segment's profit of RM1.037 billion for the nine-months was 22% higher than RM851.7 million reported in the previous corresponding period which was contributed by higher CPO and PK prices realised partially offset by lower FFB production,' it said.
The resource-based manufacturing segment reported an operating profit of RM319.6 million, which was'' 26% lower than in the previous corresponding period due mainly to lower margins from oleochemicals and specialty fats.
However, the property segment's operating profit of RM489.1 million for was 19% higher than the RM412.1 million a year ago.
'The higher profit is mainly due to gain on disposal of investment PROPERTIES [] amounting to approximately RM61 million and compensation of RM22 million received in respect of compulsory acquisition of land,' it said.
It said on Monday, May 16 that its 3QFY11 pre-tax profit of RM780.86 million was 10% higher than the profit of RM709.27 million a year ago. Revenue rose 37.7% to RM4.34 billion from RM3.15 billion while earnings per share were 10.25 sen versus 8.6 sen.
'The plantation segment reported a 16% increase in operating profit to RM328.2 million for 3QFY11 as compared to RM282.0 million for 3QFY10. The higher operating profit achieved is due to higher crude palm oil (CPO) and palm kernel (PK) prices partially offset by lower fresh fruit bunches (FFB) production,' it said.
Average CPO and PK prices realised for 3Q11 were RM3,019 a tonne and RM2,772 a tonne compared to RM2,480 a tonne and RM1,331 a tonne for 3QFY10.
IOI Corp said the resource-based manufacturing segment reported an operating profit of RM184.5 million for 3QFY11 as compared to RM128.6 million in 3QFY10.
However, after excluding the changes in fair value on derivative contracts which amounted to a gain of RM99.1 million during 3QFY11, the results of the resource-based manufacturing segment was lower than a year ago, due mainly to lower margins from speciality fats and oleochemicals.
IOI Corp said the property segment's operating profit of RM137.3 million for 3QFY11 was 10% higher than a year ago mainly due to compensation of RM22 million received in respect of compulsory acquisition of land.
For the nine-months ended March 31, 2011 (9MFY11), it said net profit was RM1.74 billion compared with RM1.52 billion in the previous corresponding period (9MFY10). Revenue was higher at RM11.83 billion versus RM9.48 billion.
IOI Corp's pre-tax profit was RM2.13 billion, up 10% from the RM1.93 billion a year ago due to higher profit contribution from the plantation and property segments.
'The plantation segment's profit of RM1.037 billion for the nine-months was 22% higher than RM851.7 million reported in the previous corresponding period which was contributed by higher CPO and PK prices realised partially offset by lower FFB production,' it said.
The resource-based manufacturing segment reported an operating profit of RM319.6 million, which was'' 26% lower than in the previous corresponding period due mainly to lower margins from oleochemicals and specialty fats.
However, the property segment's operating profit of RM489.1 million for was 19% higher than the RM412.1 million a year ago.
'The higher profit is mainly due to gain on disposal of investment PROPERTIES [] amounting to approximately RM61 million and compensation of RM22 million received in respect of compulsory acquisition of land,' it said.
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