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Kretam 3Q profit plunges 39% yoy to RM7.5m

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Kretam 3Q profit plunges 39% yoy to RM7.5m Empty Kretam 3Q profit plunges 39% yoy to RM7.5m

Post by Cals Fri 22 Nov 2013, 22:42

Kretam 3Q profit plunges 39% yoy to RM7.5m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Friday, 22 November 2013 17:41
KUALA LUMPUR (Nov 22): Kretam Holdings Bhd’s net profit plummeted 39% year-on-year (y-o-y) to RM7.5 million in the third quarter ended Sept 30, 2013, from RM12.3 million a year ago.

But revenue rose 7% y-o-y to RM98 million.

In a statement to Bursa Malaysia, the palm oil player said for the nine-month period profit earned was RM14 million, down from RM48 million a year earlier, while revenue raked in RM271 million versus RM224 million in the previous corresponding period.

Kretam said for its plantations and mills segment, it posted lower revenue and profit due mainly to significantly lower CPO and palm kernel prices.

As for the refinery segment, the firm attributed the higher revenue in the face of lower palm oil prices to significant clearing of refined products inventory.

It said the refinery segment’s higher revenue was also due to higher volume of CPO sourced from both the group’s own palm oil mills (slightly higher) and external suppliers (significantly higher).

“The board takes the view that this year will be challenging for the group unless there is a subsequent surge in palm oil prices,” said Kretam.

It noted the group’s fortunes are closely tied to movements in CPO prices.
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