Kim Loong net profit down on reduced CPO prices

TheStar Wed, Mar 27, 2019 07:35am - 5 years View Original


PETALING JAYA: Kim Loong Resources Bhd posted an 82.8% fall in net profit to RM3.15mil for the fourth quarter ended Jan 31, 2019 due to lower average crude palm oil (CPO) prices.

Revenue also fell 26.4% to RM198.52mil from RM269.81mil in the same period last year.

   

The company said in a filing with Bursa Malaysia that the drop in performance was mainly due to lower fresh fruit bunches (FFB) production and palm oil prices.

Kim Loong recorded lower revenue and profit from its plantation operations due to reduced average selling price by 34% despite a marginal increase in FFB production.

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