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NewsHap Seng Plantations 2Q net profit increases three folds to RM26.69 mil
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Hap Seng Plantations 2Q net profit increases three folds to RM26.69 mil
by Cals Tue 26 Aug 2014, 23:32
| Hap Seng Plantations 2Q net profit increases three folds to RM26.69 mil |
| Business & Markets 2014 |
| Written by Supriya Surendran of theedgemalaysia.com |
| Tuesday, 26 August 2014 19:32 KUALA LUMPUR (Aug 26): Hap Seng Plantations Holdings Bhd recorded a three fold increase in its net profits to RM26.69 million for its second quarter ended June 30,2014 (2QFY14), as compared to RM7.6 million a year ago, which it attributed to the higher average selling prices and sales volume of crude palm oil(CPO) and palm kernel (PK). In a filing with Bursa Malaysia today, the plantations group reported a two-fold jump in its net profits to RM68.92 million for the first half of the financial year ended June 30,2014 (1HFY14), from RM27.57 million in the same period a year ago. The group's revenue for 2QFY14 increased by 27.37% to RM107 million from RM84 million in the previous corresponding period, whereas revenue for 1HFY14 increased by 32.4% to RM245.43 million from RM185.37 million a year ago(1HFY13), which it also attributed to the higher average selling prices of CPO and PK. Hap Seng Plantations declared a dividend of 6 sen per share for its financial year ending Dec 31, 2014, which will be paid to shareholders on Sept 26. Average selling price realization of CPO and PK for the current quarter were RM2,600 and RM1,966 per tonne respectively, as compared to the preceding year corresponding quarter of RM2,284 per tonne for CPO and RM1,154 per tonne for PK. |
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