Flash PPB 2Q profit rises 76%, pays 8 sen dividend

Flash PPB 2Q profit rises 76%, pays 8 sen dividend
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 21 August 2013 17:26

Flash : PPB 2Q profit rises 76%, pays 8 sen dividend

Update PPB 2Q profit rises 76%, pays 8 sen dividend
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 21 August 2013 18:09

KUALA LUMPUR (August 21): PPB GROUP BHD [] reported a 76% rise in second quarter net profit from a year earlier on higher revenue, and larger contribution from 18%-owned PLANTATION []-based Singapore-listed entity Wilmar International Ltd.

In a statement to Bursa Malaysia today, PPB said net profit rose to RM191.13 million in the quarter ended June 30, 2013 (2QFY13) from RM108.42 million while revenue climbed to RM818.49 million from RM758.48 million.

"This (revenue growth) was primarily driven by the higher revenue generated from most of the group's segments with the exception of the environmental engineering segment," PPB said. Its businesses include oil palm plantations, flour milling, property development and cinema operations.

PPB's cumulative first-half net profit rose to RM427.47 million from RM286.92 million while revenue came in higher at RM1.58 billion from RM1.46 billion.

Gains from the sale of its investments in TRADEWINDS (M) BHD [] had also supported PPB’s bottom line during the period.

PPB said it plans to pay a dividend of eight sen a share for the quarter in review.

Looking ahead, the group said the expansion of its flour-milling capacity in Indonesia and Vietnam is coming on-stream to supply additional volume in these markets.

Sustained by continuing robust domestic consumption, PPB said its overseas operations are expected to maintain growth for the rest of the year.

"On the whole, the group's operations are expected to perform well in 2013; nonetheless the overall financial results will depend substantially on Wilmar's business performance for the year," PPB said.