Wednesday, August 24, 2011

Genting Plantations 2Q net profit surges 96% to RM139.9m

KUALA LUMPUR: Genting PLANTATION []s Bhd net profit for the second quarter ended June 30, 2011 surged 96% to RM139.9 million from RM71.38 million a year earlier, due mainly to higher palm products prices and increased FFB production.

It said on Wednesday, Aug 24 that revenue for the quarter rose 57.6% to RM364.38 million from RM231.17 million in 2010.

Earnings per share rose to 18.44 sen from 9.41 sen, while net assets per share was RM4.03.

Genting Plantations declared a gross interim dividend of 4.25 sen per share of 50 sen each to be paid on Oct 18.

For the six months ended June 30, Genting Plantations' net profit rose 66.6% to RM234.23 million from RM140.63 million in 2010, on the back of a 43.5% increase in revenue to RM635.49 million from RM442.76 million.

Reviewing its performance for the six months ended June 30, the company said it registered FFB production growth of 13% in 1H 2011 from the corresponding period of 2010.

The average crude palm oil and palm kernel prices achieved by the Group in 1H 2011 were RM3,492/mt and RM2,768/mt respectively compared with RM2,550/mt and RM1,470/mt in the same period last year, it said.

Genting Plantations said the contribution of the group's property segment was lower in 1H 2011, with earnings before interest, tax, depreciation and amortisation down 29% year'on'year mainly due to lower profit recognised from completion of ongoing projects.

The bioTECHNOLOGY [] segment recorded a slightly higher loss in 1H 2011, reflecting the increased research and development activities carried out, it said.

'Barring unforeseen circumstances, the performance of the group for the 2011 financial year is expected to be better than that of the previous financial year,' it said.


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