KUALA LUMPUR: United Plantations Bhd’s net profit for 3QFY11 ended Sept 30 jumped 32.6% to RM105.15 million from RM79.27 million a year earlier, driven mainly by significant improvement in the selling prices of crude palm oil (CPO) and palm kernel (PK).
The company said yesterday its revenue for 3Q surged 59.3% to RM439 million from RM275.54 million a year ago.
Earnings per share was 50.52 sen compared with 38.08 sen previously, while net assets per share was RM9.55.
The company declared an interim dividend of 18.75 sen net per share for the year ending Dec 31, 2011, and a special dividend 11.25 sen net per share, to be paid on Dec 21.
For the nine months ended Sept 30, United Plantations’ net profit surged 64.9% to RM300.83 million from RM182.43 million in the previous corresponding period, on the back of a 60% jump in revenue to RM1.11 billion from RM692.27 million. Reviewing its performance, United Plantations said among the factors that drove its earnings were rising production from newly matured fields from its estates in Indonesia for the period under review compared with the corresponding period in 2010.
It said the production from its estates in Malaysia during the review period was at about the same level as the corresponding period in 2010.
On its prospects, the company said palm oil production in Malaysia and Indonesia is expected to decline seasonally from November 2011 to March 2012, and that the current above average rainfall will affect palm oil production for November 2011.
“These two factors will support prices in the near future,” it said.
United Plantations said it was replanting a large area in Malaysia in 2011 in accordance with its replanting policy, adding that some areas in its Indonesian operations came into maturity in 2010 and more areas had been progressively maturing in 2011.
“The Indonesian production will more than compensate for the crop loss from the replanted areas in Malaysia and, as such, the total production for the group for 2011 is expected to be above that in 2010.
“The directors are of the opinion that the group’s results for the current financial year ending Dec 31 should be better than last year primarily due to better selling prices,” it said.
This article appeared in The Edge Financial Daily, November 22, 2011.
The company said yesterday its revenue for 3Q surged 59.3% to RM439 million from RM275.54 million a year ago.
Earnings per share was 50.52 sen compared with 38.08 sen previously, while net assets per share was RM9.55.
The company declared an interim dividend of 18.75 sen net per share for the year ending Dec 31, 2011, and a special dividend 11.25 sen net per share, to be paid on Dec 21.
For the nine months ended Sept 30, United Plantations’ net profit surged 64.9% to RM300.83 million from RM182.43 million in the previous corresponding period, on the back of a 60% jump in revenue to RM1.11 billion from RM692.27 million. Reviewing its performance, United Plantations said among the factors that drove its earnings were rising production from newly matured fields from its estates in Indonesia for the period under review compared with the corresponding period in 2010.
It said the production from its estates in Malaysia during the review period was at about the same level as the corresponding period in 2010.
On its prospects, the company said palm oil production in Malaysia and Indonesia is expected to decline seasonally from November 2011 to March 2012, and that the current above average rainfall will affect palm oil production for November 2011.
“These two factors will support prices in the near future,” it said.
United Plantations said it was replanting a large area in Malaysia in 2011 in accordance with its replanting policy, adding that some areas in its Indonesian operations came into maturity in 2010 and more areas had been progressively maturing in 2011.
“The Indonesian production will more than compensate for the crop loss from the replanted areas in Malaysia and, as such, the total production for the group for 2011 is expected to be above that in 2010.
“The directors are of the opinion that the group’s results for the current financial year ending Dec 31 should be better than last year primarily due to better selling prices,” it said.
This article appeared in The Edge Financial Daily, November 22, 2011.
