Wednesday, August 24, 2011

IOI Corp 4Q net profit RM547.8m, declares 9c dividend

KUALA LUMPUR: IOI CORPORATION BHD []'s net profit for the fourth quarter ended June 30, 2011 was almost flat at RM547.82 million compared with RM547.05 million a year ago, following higher taxes paid, despite that its revenue increased by 41.3%.

According to its financial statements on on Wednesday, Aug 24, it paid RM177.99 million in taxes, a 130.7% increase compared with RM77.12 million a year ago. Its operating profit was RM698.95 million, an increase of 12.3% from RM622.37 million.

The profit was due mainly to higher profit contribution from the PLANTATION [] segment and increased contribution from associates. Its revenue for the quarter rose 41.3% to RM4.32 billion from RM3.06 billion a year ago.

Earnings per share were 8.54 sen compared to 8.57 sen, while net assets per share was RM1.87. IOI Corp declared a tax-exempt second interim single tier dividend of 9.0 sen per 10 each, to be paid on Oct 7.

For the financial year ended June 30, IOI Corp's net profit rose 9.2% to 2.22 billion from RM2.04 billion. Revenue increased 28.8% to RM16.15 billion from RM12.54 billion.

Reviewing its performance for year ended June 30, IOI Corp said its plantation segment's profit of RM1.49 billion for FY2011 was 33% higher than RM1.13 billion in 2010, contributed by higher crude palm oil and palm kernel prices realised.

It said the resource-based manufacturing segment reported an operating profit of RM404.3 million for FY2011, which is 29% lower than FY2010, due mainly to lower sales and lower margins from all subsegments.

The property segment's operating profit of RM719.1 million for FY2011 was 19% higher than the RM602.9 million recorded for FY2010, it said,

The higher income achieved in FY2011 was mainly due to a gain on disposal of investment property amounting to RM61 million, compensation received following compulsory acquisition of land amounting to RM24 million and higher fair value gain from investment PROPERTIES [] amounting to RM93 million, it said.

On its current year prospects, IOI Corp said the global economic growth had recently shown signs of slowing down which would make the new financial year a challenging period for business corporations.

'Nevertheless, the group is optimistic that it will perform satisfactorily in the new financial year,' it said.

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