Friday, November 25, 2011

Sarawak Oil Palms 3Q net profit rises 52.1% to RM73.14m

KUALA LUMPUR (Nov 25): SARAWAK OIL PALMS BHD [] (SOP) net profit for the third quarter ended Sept 30, 2011 rose 52.1% to RM75.14 million from RM49.4 million a year earlier, due mainly to the higher average crude palm oil (CPO) and palm kernel (PK) prices realised and sales volume.

The company said on Friday that its revenue for the quarter increased 53% to RM326.06 million from RM213 million.

Earnings per share for the quarter rose to 17.32 sen from 11.46 sen, while net assets per share was RM2.69.

For the nine months ended Sept 30, SOP's net profit surged to RM199.63 million from RM102.77 million in 2010, on the back of an increase in revenue to RM852.72 million from RM515.57 million.

Reviewing its performance, SOP said the sales volume for CPO and PK increased by 47,183 tonnes or 28% and 10,549 tonnes or 31% respectively compared to previous year corresponding period.

On its prospects, SOP said the performance of the group was largely dependent on developments in the world edible oil market, bio-diesel market, fossil oil market, movement of the ringgit, world economic situation and their corresponding effect on CPO prices.


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