KUALA LUMPUR (Nov 3): Lingui Developments Bhd posted net loss of RM28.06 million in the first quarter ended Sept 30, 2011 versus net profit of RM39 million a year ago as it was adversely affected by losses in fair value of biological assets.
It said on Thursday that revenue increased by 19.1% to RM435.01 million from RM365.05 million. Loss per share was 4.25 sen compared with earnings per share of 5.91 sen.
It registered an operating profit of RM19.46 million compared with RM9.59 million a year ago.
“The group recognised a loss from changes in fair value of biological assets of RM25.9 million as the softwood log prices soften at the end of financial quarter under review compared to immediate preceding financial quarter,” it said.
Lingui said similarly, due to lower crude palm oil price during the financial quarter under review, the group’s share of the losses from changes in fair value of biological assets of an associate involved in oil palm PLANTATION [] was RM16.3 million.
It said on Thursday that revenue increased by 19.1% to RM435.01 million from RM365.05 million. Loss per share was 4.25 sen compared with earnings per share of 5.91 sen.
It registered an operating profit of RM19.46 million compared with RM9.59 million a year ago.
“The group recognised a loss from changes in fair value of biological assets of RM25.9 million as the softwood log prices soften at the end of financial quarter under review compared to immediate preceding financial quarter,” it said.
Lingui said similarly, due to lower crude palm oil price during the financial quarter under review, the group’s share of the losses from changes in fair value of biological assets of an associate involved in oil palm PLANTATION [] was RM16.3 million.
