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IJM Plant 2Q profit plunges 93% yoy to RM3m

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IJM Plant 2Q profit plunges 93% yoy to RM3m Empty IJM Plant 2Q profit plunges 93% yoy to RM3m

Post by Cals Wed 27 Nov 2013, 00:17

IJM Plant 2Q profit plunges 93% yoy to RM3m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 26 November 2013 20:01
KUALA LUMPUR (Nov 26): IJM Plantations Bhd’s net profit plunged 93% year-on-year (y-o-y) to RM3 million in the second quarter ended Sept 30, 2013, from RM41 million a year ago.

But revenue rose 13% y-o-y to RM149 million from RM131 million.

In a filing to the stock exchange, the oil palm agribusiness company said the significant plunge in profit was due to the reduction in closing inventories and the strengthening of the US dollar against the rupiah in Q2 FY14.

The net foreign exchange losses for the quarter were RM29.4 million, it said.

IJM Plantations said the larger revenue was due to increase in sales volume.

For the half-year period, profit earned was RM6 million versus RM63 million a year earlier, while revenue generated RM284 million versus RM241 million in the previous corresponding quarter.

IJM Plantations said its financial performance was severely impacted by the unrealised foreign exchange losses, in addition to the start-up yields in the Indonesian operations.

It said the larger revenue was due to higher sales volume.

“In the current financial year, the fresh fruit bunches production is expected to be sustained from the Malaysian operations,” said IJM Plantations.

“The volatility in foreign exchange rates may further affect the financial results of the group for the current financial year.”
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