Genting Plantations enjoys RM191m Q2 profit

Genting Plantations Bhd's pre-tax profit for the second quarter ended June 30, 2011 increased to RM190.934 million from RM95.586 million in the corresponding quarter last year.

Its revenue for the quarter grew to RM364.382 million from RM231.168 million.

In first half year, Genting Plantations said its pre-tax profit rose 70 per cent to RM323.017 million as revenue increased 44 per cent to RM635.498 million.

In a statement, it said its earnings per share was up 66 per cent at 30.87 sen in the first half compared with 18.55 sen in the corresponding period last year.

The stronger performance in the first six months of the year was primarily due to higher palm product prices and higher production of fresh fruit bunches (FFB), it said. The group registered FFB production growth of 13 per cent in first half of 2011 from the corresponding period of 2010.

The average crude palm oil and palm kernel prices achieved by the group in the six-month period were RM3,492/mt and RM2,768/mt respectively compared with RM2,550/mt and RM1,470/mt in the same period last year.

The contribution of the group’s property segment was lower in the first half of 2011 with earnings before interest, tax, depreciation and amortisation down 29 per cent year-on-year mainly due to lower profit recognised from completion of ongoing projects.

The biotechnology segment recorded a slightly higher loss in the six-month period, reflecting the increased research and development activities carried out.

Barring unforeseen circumstances, the performance of the group for the 2011 financial year is expected to be better than that of the previous financial year..

Genting Plantations' Board of Directors has declared an interim dividend of 4.25 sen per ordinary share of 50 sen each, less 25 per cent tax. -- Bernama