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Update United Malacca 3Q profit jumps 30% yoy to RM20.9m

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Update United Malacca 3Q profit jumps 30% yoy to RM20.9m Empty Update United Malacca 3Q profit jumps 30% yoy to RM20.9m

Post by Cals Thu 20 Mar 2014, 19:04

Update United Malacca 3Q profit jumps 30% yoy to RM20.9m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Thursday, 20 March 2014 18:09

KUALA LUMPUR (Mar 20): United Malacca Bhd’s net profit jumped 30% year-on-year (y-o-y) to RM20.9 million in the third quarter ended Jan 31, 2014, from RM16.1 million.

Revenue leapt 46% y-o-y to RM72.6 million from RM49.6 million.

In a filing to the stock exchange, the palm oil player said for its nine-month period, net profit recorded RM53.8 million versus RM58.9 million in the previous period. Revenue registered RM180.9 million from RM161.9 million a year ago.

United Malacca said the lower profit was mainly due to lower average crude palm oil price as well as lower fresh fruit bunches production achieved.

The firm said its investment profit of RM11.7 million was 79% higher y-o-y. This was mainly due to a gain of RM5.68 million on disposal of an associate, Niro Ceramic (M) Sdn Bhd on July 1 last year.

“The group expects satisfactory performance for the current year,” said United Malacca.
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