Chin Teck 1Q net profit doubles on higher palm prices

TheEdge Tue, Jan 26, 2021 07:59pm - 3 years View Original


KUALA LUMPUR (Jan 26): Chin Teck Plantations Bhd said its net profit doubled to RM15.77 million for the first quarter ended Nov 30, 2020 (1QFY21), from RM7.81 million a year earlier.

In a bourse filing, the group said the higher bottom-line earnings were on the back of higher revenue, thanks to higher prices for fresh fruit bunches (FFB), crude palm oil (CPO) and palm kernel (PK).

It added that the FFB production and purchases also increased, resulting in higher CPO and PK production.

Chin Teck said revenue was up 36.61% at RM45.41 million, from RM33.24 million in 1QFY20.

On a quarter-on-quarter basis, the group said its net profit rose 15% from the RM13.72 million in 4QFY20, while revenue increased 15.96% from RM39.16 million.

“The prevailing strong selling prices of CPO are expected to continue and this would have a favourable impact on the financial performance for the financial year ending Aug 31, 2021,” said Chin Teck.

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