Thursday, 10 May 2012

Glenealy Plantations 3Q net profit falls 52.97% to RM10.93m

KUALA LUMPUR (May10): Glenealy PLANTATION []s (Malaya) Bhd’s net profit fell 52.97% to RM10.93 million for its third quarter ended Mar 31, from RM23.24 million a year ago, due to lower production volume and higher production costs.

It said on Thursday that its revenue for the quarter decreased 13.19% to RM60.02 million from RM69.14 million a year earlier.

Earning per share were 9.58 sen compared to 20.37 sen, while net assets per share was RM5,40.

The group attributed the higher production costs to higher fertilizer costs.

In the nine months ended Mar 31, revenue rose 11.28% to RM202.32 million from RM181.81 million and net profit was down 11.17% to RM47.08 million from RM53.00 million.

On its prospects, Glenealy said the outlook for palm oil price remains well supported as palm oil production is expected to slow down as it enters a resting phase.

“Global oilseeds and vegetable oils supplies are at multiyear low due to drought induced production losses over the past few seasons in various countries.

“On the basis of the above factors, the outlook for the fourth quarter of the financial year is expected to remain positive, it said.

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