Tuesday, May 24, 2011

PPB 1Q net profit at RM265.23m

KUALA LUMPUR: PPB GROUP BHD [] posted net profit of RM265.23 million in the first quarter compared with the RM1.125 billion a year ago which had included RM838.44 million from the sale of discontinued operations.

It said on Tuesday, May 24 group revenue of RM579.84 million was 15% higher than the RM503.63 million a year ago. The increase was due mainly to higher flour revenue and increased grains trading volume recorded by the grains trading, flour and feed milling divisions.

'Group profit before tax declined by 6% to RM283 million compared with the corresponding period in 2010,' it said. Earnings per share were 22.37 sen compared with 94.93 sen.

When compared to 4Q2010, group profit before tax improved by 60% to RM283 million for the quarter under review compared with RM177 million. Although the grains trading, flour and feed milling division registered lower profits due to higher raw material costs, this was offset by a higher profit contribution from Wilmar.

'However, profit contribution for the quarter from our associate Wilmar International Ltd decreased by RM32 million due mainly to changes in fair value of embedded derivatives in convertible bonds,' it said.

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