KUALA LUMPUR: Chin Teck Plantations Bhd
doubled its net profit in the last quarter ended Aug 31 and expects the strong palm oil selling prices to boost its performance in the coming financial year.
The average selling prices of crude palm oil has risen from around RM2,100 a tonne in May to above RM3,000 on Wednesday.
"Should the strong selling prices maintain, this would have corresponding effect on the financial performance for the financial year 2021," Chin Teck said in a filing with Bursa Malaysia today.
The company posted a net profit of RM13.7mil in the three-month ended Aug 31 compared with RM6.5mil made a year ago.
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