Wednesday, May 18, 2011

United Plantation rises in early trade

KUALA LUMPUR: Shares of United PLANTATION []s Bhd rose in early trade on Wednesday, May 18 after the company posted net profit of RM86.09 million in the first quarter ended March 31, 2011, up 76% from RM48.90 million a year ago and it expects the current financial year results to be better, boosted by more replanting.

At 9.15am, United Plantations was up 20 sen to RM17.80 with 8,700 shares traded.

It declared a final dividend of 20% per share or 15 sen net per share and a special dividend of 35% per share or 26.25 sen net per share. The dividends will go ex on June 30.

Investors can expect more upside from United Plantations after its comments that palm oil production in Malaysia and Indonesia was expected to recover in 2011 based on the recovery in the biological yield cycle after a pronounced setback in 2010.


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