KUALA LUMPUR: Genting Plantations Bhd posted a lower net profit of RM41.68mil in the first quarter (Q1) ended March 31, 2019 compared with RM100.98mil a year ago on the back of higher revenue during the period.

Revenue for the quarter under review stood at RM622mil, representing an 18% increase from the previous corresponding period.

The company in a filing with Bursa Malaysia yesterday attributed higher revenue to the higher offtake of biodiesel and refined palm products from the downstream manufacturing segment along with higher sales volume from the plantation segment.

Despite garnering higher year-on-year sales in 1Q 2019, the property segment registered lower year-on-year revenue from projects at their early stages of completion.

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