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IOI Profit Jumps to RM2.07bil Boosted by Loders Divestment
17/05/2018The Star

KUALA LUMPUR: IOI Corp Bhd ’s net profit for the third quarter ended March 31, 2018 rose to RM2.07bil from the RM305.4mil recorded in the previous corresponding quarter.

Revenue for the period, however, declined to RM2.31bil from RM2.34bil.

In a filing with Bursa Malaysia yesterday, the group said the better results were mainly due to higher contribution from the resource-based manufacturing segment and higher net foreign currency translation gain on foreign currency denominated borrowings of RM201.9mil versus RM91.2mil in the same quarter last year.

“We also saw a profit of RM1.72bil from discontinued operations including a RM1.66bil from the divestment of 70% equity interest in resource-based manufacturer Loders Croklaan Group BV,” it said.

“With the group’s continuing trend of higher oil palm fruit production, the performance of its plantation segment is expected to be satisfactory in the fourth quarter of financial year 2018,” it added. — Bernama