KUALA LUMPUR (July 30): Chin Teck Plantations Bhd saw its net profit double to RM22.53 million in the third quarter ended May 31 (3QFY21), from RM11.19 million a year earlier, fuelled by significant improvements in the group’s revenue. 

Earnings per share jumped to 24.66 sen from 12.25 sen, the group’s Bursa Malaysia filing showed.

Quarterly revenue surged 45.82% to RM49.13 million from RM33.69 million, amid significant increases in the average selling price of fresh fruit bunches (FFB), crude palm oil (CPO) and palm kennel.  

On a quarter-on-quarter basis, the group’s net profit leapt 70.16% from RM13.24 million in 2QFY21, as revenue rose 34.86% from RM36.43 million, on higher production and purchases of FFB.  

For the nine-month period ended May 31, the group’s cumulative net profit increased 101.30% to RM51.54 million, from RM22.27 million recorded in the previous corresponding period, while revenue rose 44.46% to RM130.97 million from RM90.66 million.  

The group declared a special dividend of 11 sen per share, in addition to a second interim dividend of eight sen, to be paid on Aug 30.

Chin Teck expects its profit for the current financial year to improve significantly due to prevailing strong selling prices of CPO. 

Shares in Chin Teck settled 10 sen or 1.54% higher at RM6.60 today, valuing the plantation company at RM603 million.