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NewsSarawak Oil Palms 4Q net profit rises 63% y-o-y
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Sarawak Oil Palms 4Q net profit rises 63% y-o-y
by Cals Tue 25 Feb 2014, 21:25
| Sarawak Oil Palms 4Q net profit rises 63% y-o-y |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Tuesday, 25 February 2014 19:37 |
KUALA LUMPUR (Feb 25): Sarawak Oil Palms Bhd reported a 63% year-on-year (y-o-y) rise in net profit to RM36.5 million in the fourth quarter ended December 2013 from RM22.3 million.
Revenue was up 28% to RM491.5 million for 4QFY13 versus RM383.8 million in 4QFY12.
“Profit before tax for the quarter was RM52.5 million against RM22.1 million for corresponding quarter last year attributed principally to the higher realised prices and sales volume achieved for palm products,” the group said.
However, net profit for the year decreased to RM97.3 million from RM156.8 million in the previous year, while revenue increased to RM1.70 billion from RM1.31 billion.
The lower full-year profit was attributed to lower palm products' prices and losses from subsidiaries with young mature areas.
Looking ahead, the group said its performance would depend on the movement of crude palm oil (CPO) prices, the fluctuation of the ringgit and the economic situation.
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