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NewsKim Loong 4Q net profit rises 43% y-o-y to RM20m
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Kim Loong 4Q net profit rises 43% y-o-y to RM20m
by Cals Thu 27 Mar 2014, 18:37
| Kim Loong 4Q net profit rises 43% y-o-y to RM20m |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Thursday, 27 March 2014 18:19 |
KUALA LUMPUR (Mar 27): Kim Loong Resources Bhd’s net profit for its fourth quarter rose 43% to RM20.1 million from RM14.1 million in the previous year’s same quarter.
Revenue increased by 20% year-on-year to RM197.4 million from RM164.0 million.
“The increase in revenue and profit for the current quarter were due to higher palm oil prices despite lower fresh fruit bunches production,” said the group in its statement to the exchange.
For the year, net profit rose to RM61.3 million from RM53.9 million in the previous year, while revenue increased slightly to RM640.5 million from RM637.2 million.
Going forward, Kim Loong expects to perform better in FY15 as it plans to improve production, while benefiting from favourable palm oil prices.
“Palm oil prices have improved since the end of FY14 and we expect the current good crude palm oil and palm kernel oil prices will contribute positively to the financial performance of the group in the FY15,” the group said.
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