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Cepatwawasan's Q2 sees a 91% jump in earnings

TheStar Wed, Aug 09, 2017 05:40pm - 2 years ago

KUALA LUMPUR: Cepatwawasan Group Bhd reported a 91% jump in earnings in its second quarter ending June 30, 2017, to RM9.68mil from RM5.06mil in the previous corresponding quarter. 

Revenue was also much improved, rising 37% year-on-year to RM70.35mil from RM51.27mil last year.

In the plantations segment, an increase in FFB production resulted in a 43% higher profit before tax of RM9.73mil compared to Q2 last year. 

Higher milling margins in the oil mill segment turned a loss before tax of RM820,000 to a profit before tax of RM1.25mil, representing a gain of RM2.08mil. 

Meanwhile, in the power plant segment, an increase in exporting electricity and a higher EFB oil selling price resulted in  more than 100% jump in profit before tax contribution to RM2.73mil.

On outlook for the rest of the year, Cepatwawasan expects its performance to be significantly influenced by palm products prices and crop production yield.

“The board expects a continuous recovery in FFB production and a higher contribution from the Power Plant segment with the increase in efficiency in the power plants,” it said in its statement.

At the close of the trading day, the counter was up 1 sen or 1.2% to 84.5 sen on volume of 115,300 shares.

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