Thursday, August 4, 2011

Cepatwawasan rises on upbeat outlook

KUALA LUMPUR: CEPATWAWASAN GROUP BHD [] shares advanced in early trade on Thursday, Aug 4 following the PLANTATION [] company's upbeat outlook, underpinned by strong earnings.

At 9.11am, the share price was up six sen to RM1.57 with 1.51 million shares done.

Cepatwawasan's net profit jumped 390% to RM13.55 million in the second quarter ended June 30, 2011 from RM2.77 million a year ago, boosted by higher crude palm oil (CPO) and palm kernel prices.

Revenue increased by 59.5% to RM79.32 million from RM49.73 million due to higher CPO and palm kernel prices by 32% and 68% respectively and a 35% increase in fresh fruit bunches (FFB) production.

Cepatwawasan's board was confident that the group's prospects would remain bright in view that CPO and PK prices has recently stabilised around RM3,100 and RM1,900 per tonne respectively.

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