KUALA LUMPUR, May 16 (Bernama) – IOI Corp Bhd’s net profit for the third quarter ended March 31, 2018 rose to RM2.07 billion from the RM305.4 million recorded in the previous corresponding quarter.
Revenue for the period, however, declined to RM2.31 billion from RM2.34 billion.
In a filing with Bursa Malaysia today, the group said the better results were mainly due to higher contribution from the resource-based manufacturing segment and higher net foreign currency translation gain on foreign currency denominated borrowings of RM201.9 million versus RM91.2 million in the same quarter last year.
“We also saw a profit of RM1.72 billion from discontinued operations including a RM1.66 billion from the divestment of 70 per cent equity interest in resource-based manufacturer Loders Croklaan Group B.V.,” said IOI Corp.
The group also said the outlook for palm oil price was mixed with the unfavourable factor of seasonal production increase being offsetted by China imposing tariff on soya bean imports from the United States and the current strengthening of the greenback.
“With the group’s continuing trend of higher oil palm fruit production, the performance of its plantation segment is expected to be satisfactory in the fourth quarter of financial year 2018,” it added.