Kim Loong Resources 2Q net profit up 59.4%

by **Cals** Mon 29 Sep 2014, 22:24

Business & Markets 2014

Written by Supriya Surendran of theedgemalaysia.com

Monday, 29 September 2014 18:45

KUALA LUMPUR (Sept 29): Kim Loong Resources Bhd’s net profit jumped 59.4% to RM18.12 million for the second quarter ended July 31, 2014 (2QFY15) from RM11.36 million in 2QFY14, due to better processing margin and higher processing quantity.
Its revenue for the quarter under review was RM197.28 million, signifying a 38.9% improvement from the RM142.03 million it recorded in 2QFY14, mainly due to revenue improvement in its milling operations, which increased by 37%, its filing with Bursa Malaysia today showed.
The group’s net profit and revenue for the cumulative six months period (1HFY15) is RM46.4 million and RM414.26 million, respectively; that is an improvement of 82.3% and 48.3% compared to 1HFY14, when net profit was RM25.49 million and revenue was RM279.34 million.
The group told the local bourse that it expects the crude palm oil (CPO) production quantity of the milling operations in FY15 to be higher than FY14.
It also expects fresh fruit bunches (FFB) production for FY15 to improve compared to the previous year, and said that palm oil prices should remain stable at current level for the remainder of FY15.
The group’s basic earnings per share was at 5.85 sen for 2QFY15 and declared an interim single-tier dividend of 7 sen per share for FY15, to be paid on Nov 21, 2014.
Kim Loong’s shares closed 5 sen or 1.83% higher to RM2.78 today, giving it a market capitalisation of RM862.3 million.