Wilmar, Tradewinds sale boost PPB Group earnings

KUALA LUMPUR: PPB Group Bhd's
earnings rose 32.4% to RM236.34mil in the first quarter ended March 31,
2013 from RM178.50mil a year ago, boosted by contribution from its
associate Wilmar International Ltd.
The company said on Friday its earnings were also lifted by the sale of its Tradewinds (M) Bhd stake following the acceptance of the take-over offer.
PPB Group said its revenue rose 9.6% to RM763.84mil from RM697mil. Earnings per share were 19.94 sen compared with 15.06 sen.
It
said growth in group revenue was mainly from the flour and feed
milling, and grains trading segment. Most of the other segments recorded
higher revenue with the exception of the consumer products,
environmental engineering and property segments.
On the flour and
feed milling, and grains trading, it said revenue increased by 12% to
RM487mil in Q1, 2013 compared with RM436mil a year ago.
PPB Group
said this was mainly due to higher sales volume and feed prices in
Malaysia, increased flour sales volume in Vietnam and higher selling
prices of flour in Indonesia.
Its profit slipped to RM31mil from RM44mil mainly due to higher raw material cost and less favourable grains trading condition.
As
for Wilmar, it contributed higher profits of RM178mil to the group in
Q1, 2013 compared with RM141mil a year ago, largely due to strong
performance in oilseeds and grains division which saw a sharp recovery
in margins during the quarter.