Thursday, November 17, 2011

CBIP 3Q net profit up 18.4% to RM27.37m

KUALA LUMPUR (Nov 17): CB INDUSTRIAL PRODUCT HOLDING [] Bhd net profit for the third quarter ended Sept 30, 2011 rose 18.4% to RM27.37 million from RM23.11 million a year earlier, due mainly to the improvement in the PLANTATION [] segment due to the increase in FFB yield and prices of palm products.

It said on Thursday, Nov 17 that revenue for the quarter jumped 65.4% to RM135.86 million from RM82.14 million in 2010.

Earnings per share was 20.17 sen compared to 17.52 while net assets per share was RM2.60.

For the nine months ended Sept 30, CBIP's net profit surged to RM73.26 million from RM48.14 million in 2010, on the back of an increase in revenue to RM328.86 million from RM231.54 million.

Reviewing its results, CBIP said the improved performance by the associates and jointly controlled entity which was in the plantation business also contributed to the increase in the group's profit before taxation.

'In view of the progress in the implementation of the projects secured in hand and the expected improvement by the plantation segment, the board expects the group to achieve satisfactory results for the financial year ending Dec 31, 2011,' it said.

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