KUALA LUMPUR (Nov 18): IOI CORPORATION BHD [] net profit for the first quarter ended Sept 30, 2011 (1QFY12) fell 48.2% to RM258.09 million from RM498.13 million a year ago, due mainly to unrealised translation loss on foreign currency denominated borrowings of RM271.7million.
The company said on Friday, its revenue for the quarter rose 17.9% to RM4.15 billion from RM3.52 billion a year ago. Earnings per share for the quarter fell to 4.02 sen from 7.81 sen while net assets per share was RM1.81.
Reviewing its performance, IOI Corp said segment results of the group however recorded an increase of 22%, with higher PLANTATION [] contribution moderated by lower contributions from both resource-based manufacturing and property segments.
IOI Corp said the plantation segment profit increased by 56% to RM557.1 million from RM356.4 million a year ago, due to higher crude palm oil (CPO) and palm kernel (PK) prices as well as higher fresh fruit bunch (FFB) production.
It said average CPO price realised for 1QFY12 was RM3,149 per tonne as compared to RM2,598 per tonne a year ago whilst FFB production for 1QFY12 was 973,293 tonnes, up about 11% from 879,322 tonnes a year ago.
However, it said the resource-based manufacturing profit decreased 40.6% to RM33.2 million in 1QFY12 from RM46.7 million a year ago.
The lower profit for the segment is due mainly to lower sales from oleochemicals sub segment as well as lower margins from specialty fats and refineries sub segments.
As for the property division, its profit dell 31% to RM116.6 million from RM168.2 million on lower development revenue during the quarter.
On its prospects, IOI Corp said the global economic growth had recently shown signs of slowing down which would make the current financial year a challenging period for business corporations.
“Nevertheless, the group is optimistic that it will perform satisfactorily in the current financial year underpinned by strong plantation segment,” it said.
The company said on Friday, its revenue for the quarter rose 17.9% to RM4.15 billion from RM3.52 billion a year ago. Earnings per share for the quarter fell to 4.02 sen from 7.81 sen while net assets per share was RM1.81.
Reviewing its performance, IOI Corp said segment results of the group however recorded an increase of 22%, with higher PLANTATION [] contribution moderated by lower contributions from both resource-based manufacturing and property segments.
IOI Corp said the plantation segment profit increased by 56% to RM557.1 million from RM356.4 million a year ago, due to higher crude palm oil (CPO) and palm kernel (PK) prices as well as higher fresh fruit bunch (FFB) production.
It said average CPO price realised for 1QFY12 was RM3,149 per tonne as compared to RM2,598 per tonne a year ago whilst FFB production for 1QFY12 was 973,293 tonnes, up about 11% from 879,322 tonnes a year ago.
However, it said the resource-based manufacturing profit decreased 40.6% to RM33.2 million in 1QFY12 from RM46.7 million a year ago.
The lower profit for the segment is due mainly to lower sales from oleochemicals sub segment as well as lower margins from specialty fats and refineries sub segments.
As for the property division, its profit dell 31% to RM116.6 million from RM168.2 million on lower development revenue during the quarter.
On its prospects, IOI Corp said the global economic growth had recently shown signs of slowing down which would make the current financial year a challenging period for business corporations.
“Nevertheless, the group is optimistic that it will perform satisfactorily in the current financial year underpinned by strong plantation segment,” it said.
