by Lim Shie-Lynn
KUALA LUMPUR: IOI Corporation Bhd net profit jumped 76% to RM451.52 million for the first quarter (1Q) ended Sept 30, 2007, boosted by record high crude palm oil (CPO) prices and higher sales from properties. It announced yesterday that revenue rose 64% to RM3.12 billion from RM1.90 billion a year ago, due to better performances for its major business segments. Earnings per share rose to 7.37 sen from 4.22 sen a year earlier. The earnings, on an annualised basis, at RM1.80 billion was slightly below Reuters’ consensus estimates of RM1.82 billion for the financial year ended June 30, 2008. IOI Corp expected its business segments to improve in the current financial year and expected its plantation segment to benefit from higher palm oil prices. It said three of its core business segments — plantations, manufacturing and property — posted higher profits and achieved an overall net earnings of RM451.5 million for its first quarter for the financial year ended June 30, 2008 (1Q08), up 77% from RM255.7 million a year ago. “Plantations earnings of RM397.5 million for 1Q08 is 134% higher than 1Q07, which was boosted by significantly higher CPO prices as average CPO prices realised for 1Q08 is RM2,473 per tonne as compared to RM1,483 per tonne for the same quarter last year,” it said. IOI Corp added that its resource-based manufacturing segment reported an increase in operating profit by 33% to RM122.8 million with profits, and volume growth contribution by its wholly owned unit Pan Century Group. Its property segment’s 1Q08 performance was driven mainly by higher demand for commercial and high-end residential properties with an increase of 37% in operating profits to RM109.7 million from RM80.1 million a year ago. Meanwhile, IOI Properties Bhd’s first quarter net profit increased 44.3% to RM80.11 million from RM55.53 million, buoyed by higher demand for commercial and high-end residential properties. The property arm of IOI Corporation Bhd saw its revenue jump to RM205.48 million from RM135.6 million a year ago. Operating profit from property development rose 40.5% to RM89.1 million from RM63.4 million a year earlier. EPS was 24.64 sen a share from 17.10 sen a year ago. IOI Corp also announced that it had proposed its unit, IOI Resources (L) Bhd issued up to US$600 million (more than RM2 billion) nominal value five- year unsecured guaranteed third exchangeable bonds. The bonds, exchangeable into new IOI shares, would be issued and offered outside Malaysia. The gross proceeds would be used to fund capital expenditure, investment/acquisition opportunities, working capital as well as to defray the estimated expenses of the proposed issue.
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