QL Resources posts 14% rise in 2Q net profit

by **Cals** Fri 21 Nov 2014, 01:55

QL Resources posts 14% rise in 2Q net profit

KUALA LUMPUR (Nov 20): QL Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) achieved a 14% rise in net profit to RM48.17 million for the second quarter ended Sept 30, 2014 (2QFY15), on higher revenue from all its operating segments.
In its financial results released today, QL said its revenue for 2QFY15 rose 8.5% to RM656.5 million, from RM605.1 million in the previous corresponding quarter, on increased sales from its marine product manufacturing (MPM), palm oil activities (POA) and integrated livestock farming (ILF) segments.
It said 2QFY15 sales for MPM increased 10% against the previous corresponding quarter, due to overall higher contribution from surimi-based products operations, Indonesia fishery operation and new contribution from shrimp farming.
However, the segment’s current earnings only increased 4% against the previous corresponding quarter, mainly due to lower fishmeal & surimi contribution.
Higher fresh fruit bunches (FFB) processed contributed to its POA segment’s rise in revenue (+8%), while sales and earnings for the ILF segment rose 8% and 9% respectively, on higher raw material trade volume and greater sales contribution from its poultry farms operation.
For the six months ended Sept 30, QL posted a net profit of RM88.23 million, 14.3% higher than RM77.1 million in the previous corresponding quarter. Revenue rose 10.6% to RM1.31 billion, from RM1.18 billion.
“We expect 3QFY15 performance to continue to improve against 2QFY15. Our management remains optimistic on all three sectors performance in 3QFY15,” said QL.
QL closed unchanged at RM3.46 today, with a market capitalisation of RM4.3 billion.