Thursday, August 25, 2011

#Update* Sime Darby 4Q net profit at record RM1.3b

KUALA LUMPUR: SIME DARBY BHD [] posted a record net profit of RM1.312 billion in the fourth quarter ended June 30, 2011, a stark contrast to the net loss of RM77.35 million a year ago primarily to the sterling results of the PLANTATION [], industrial and motors divisions.

It said on Thursday, Aug 25 that revenue increased by 42.4% to RM13 billion from RM9.13 billion while earnings per share were 21.84 sen compared with loss per share of 1.29 sen.

Sime Darby proposed a final dividend of 22 sen per share. Together with the earlier interim dividend of 8 sen per share, total dividend for the year is 30 sen per share.

For the full financial year ended June 30, 2011, its earnings jumped three-fold to RM3.664 billion from RM726.85 million. Its revenue increased by 28.7% to RM41.858 billion from RM32.51 billion.

The group surpassed its FY2010/2011 net profit key performance indicator (KPI) target of RM2.5 billion by 47%, registering a return on average shareholders' funds of 16.5%, against the KPI target of 11.5%.

Sime Darby's previous record earnings was achieved in FY2007/2008 when it posted a pre-tax profit of RM5.2 billion and a net profit of RM3.5 billion.

Sime Darby's president & group chief executive, Datuk Mohd Bakke Salleh said that he was very pleased with the exceptional set of results for FY2010/2011, particularly with the strong showing by the plantation, industrial and motors divisions.

'The robust performance of most of our core businesses in this financial year shows that the quality of the Group's earnings has improved significantly. To end the year on a high note and to emerge on a much stronger footing further demonstrates the continuous efforts of our employees to deliver sustainable long-term performance to our shareholders,' he said.

Plantations division

In FY ended June 30, 2011 it recorded an operating profit of RM3.3 billion, up 56%'' on-year'' due to higher crude palm oil (CPO) prices realised which averaged RM2,906 per tonne for FY2010/2011, against RM2,311 in FY2009/2010.

Production of fresh fruit bunches (FFB) and CPO also improved compared to FY2009/2010 as yields in Malaysia and Indonesia both recovered.

Industrial division

The industrial division registered its highest ever operating profit of RM1.1 billion for FY2010/2011. The 41% increase on-year was mainly due to strong sales in Australia/Pacific Islands, China and Malaysia, as well as better price realisations across all regions.

Motors division

The motors division had a record operating profit of RM633 million or a 64% on-year, driven by the continued strong and sustained demand across all regions, especially for the new BMW, Hyundai and Ford models that were launched during the financial year.

Property division

The property division showed a slight decline in operating profit to RM456 million for FY2010/2011. If not for an impairment provision of RM78 million for overseas PROPERTIES [], the contribution from property development would have been higher than the previous year.

Energy & Utilities Division

The energy & utilities division turned around in FY2010/2011 when it registered an operating profit of RM313 million, up 118% on-year.

This was underpinned by the stronger performance of the ports and utilities businesses in China and coupled with the RM98.5 million write-back of provisions from the Maersk Oil Qatar project. The operating profit of the ports and utilities businesses under E&U China rose to RM58 million, up 94% on-year.

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