KUALA LUMPUR (Feb 20): Sarawak PLANTATION [] Bhd posted net profit of RM19.66 million in the fourth quarter ended Dec 31, 2011, up 139% from the RM34.35 million a year ago when there was impairment losses of RM10.60 million.
It said on Monday that revenue fell 3.4% to RM111.62 million from RM115.61 million a year ago. Its administrative expenses declined to RM8.83 million from RM18.60 million. Earnings per share were 7.04 sen compared with 1.22 sen. It proposed dividend of 10 sen per share compared with 3.50 sen a year ago.
Sarawak Plantations said of the RM111.62 million in revenue, 99.7% was contributed by oil palm operations segment mainly due to lower realised average selling prices of crude palm oil (CPO) and palm kernel (PK).
“The gross profit for the current quarter also decreased in line with revenue, mainly due to the decrease in profit for oil palm operations segment by RM1.6 million or 4%. However, the Group’s profit before tax for the current quarter under review was higher principally due to impairment losses of RM10.6 million recognised in the corresponding period of the preceding year,” it said.
For FY11, it said the earnings rose 139% to RM82.24 million from RM34.35 million. Revenue increased by 40.6% to RM479.36 million from RM340.83 million following the increase of revenue from the oil palm operations segment.
Sarawak Plantation said the increase in revenue for the current financial year was principally attributable to the net effect of higher realised average selling prices of CPO and PK, higher sale volume of CPO and PK as compared to the preceding year.
“The realised average selling prices of CPO and PK have increased by 17.1% and 26.9% respectively in the current financial year primarily due to improvement in global vegetable oil prices. The sales volumes of CPO and PK have also increased by 17.4% and 15.6% in the current financial year.
"The group’s profit before tax for the current financial year was higher by RM52.6 million as compared to the preceding year principally due to higher realised average selling prices and sales volumes of CPO and PK and impairment losses of RM10.6 million recognised in the preceding year,” it said.
It said on Monday that revenue fell 3.4% to RM111.62 million from RM115.61 million a year ago. Its administrative expenses declined to RM8.83 million from RM18.60 million. Earnings per share were 7.04 sen compared with 1.22 sen. It proposed dividend of 10 sen per share compared with 3.50 sen a year ago.
Sarawak Plantations said of the RM111.62 million in revenue, 99.7% was contributed by oil palm operations segment mainly due to lower realised average selling prices of crude palm oil (CPO) and palm kernel (PK).
“The gross profit for the current quarter also decreased in line with revenue, mainly due to the decrease in profit for oil palm operations segment by RM1.6 million or 4%. However, the Group’s profit before tax for the current quarter under review was higher principally due to impairment losses of RM10.6 million recognised in the corresponding period of the preceding year,” it said.
For FY11, it said the earnings rose 139% to RM82.24 million from RM34.35 million. Revenue increased by 40.6% to RM479.36 million from RM340.83 million following the increase of revenue from the oil palm operations segment.
Sarawak Plantation said the increase in revenue for the current financial year was principally attributable to the net effect of higher realised average selling prices of CPO and PK, higher sale volume of CPO and PK as compared to the preceding year.
“The realised average selling prices of CPO and PK have increased by 17.1% and 26.9% respectively in the current financial year primarily due to improvement in global vegetable oil prices. The sales volumes of CPO and PK have also increased by 17.4% and 15.6% in the current financial year.
"The group’s profit before tax for the current financial year was higher by RM52.6 million as compared to the preceding year principally due to higher realised average selling prices and sales volumes of CPO and PK and impairment losses of RM10.6 million recognised in the preceding year,” it said.
