24-08-2007
KUALA LUMPUR: IOI Corporation Bhd’s share price rose as much as 9% or 46 sen to an intra-day high of RM5.40 upon resumption of trading yesterday buoyed by record earnings for its financial year ended June 30, 2007 (FY07). The counter closed 26 sen higher at RM5.20, with a total of 14.7 million shares done at between RM4.94 and RM5.40. The stock has been suspended since Aug 9 for a capital repayment plan. The company is undertaking a capital repayment on the basis of a cash distribution of RM4.20 for each cancelled share, on the basis of one cancelled share for every 20 existing shares. On Tuesday, IOI Corp reported its highest earnings ever with a net profit of RM1.48 billion for the financial year ended June 30, 2007 (FY07), boosted by record earnings from the oil palm and property business segments. Its net profit more than doubled to RM451.7 million in the fourth quarter ended June 30, 2007 from RM211.9 million a year earlier on the back of soaring crude palm oil prices. IOI Properties Bhd’s share price rose to RM1.10 or 8.9% to RM13.50 yesterday after it reported a 22% rise in net profit to RM397 million for FY07, with the fourth quarter accounting for about 45% of the whole year’s earnings following a revaluation of investment properties. It declared a second gross interim dividend of 30 sen per share payable on Sept 18, bringing the total dividends for FY07 to 65 sen per share. IOI Properties was traded at between RM12.60 and RM13.60, with a total of 67,700 shares done. Meanwhile, Bloomberg reported that palm oil producers had benefited as rising demand from China and India sent the commodity’s price to a record in June. The report said IOI was seeking more estates in Malaysia and Indonesia, which together accounted for about 85% of the global palm oil output. “We are positive on plantation stocks,” said Tan Beng Ling, who helps oversee about US$434 million (RM1.52 billion) of assets at Meridian Asset Management Sdn Bhd here.
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