Written by Surin Murugiah Friday, 14 May 2010 14:01 It said on Friday, May 14 the higher earnings were boosted by higher contributions from the property and manufacturing segments. It also recorded an unrealised translation gain on US dollar denominated borrowings of RM231.5 million (3QFY09: loss of RM232.4 million).
Its revenue for 3QFY10 rose to RM3.15 billion from RM3.1 billion a year ago. Earnings per share was 8.6 sen, while net assets per share improved to RM1.63.
For the nine months ended March 31, net profit was RM1.49 billion on the back of revenue RM9.48 billion.
IOI Corp said its PLANTATION [] segment's profit of RM282 million for 3QFY10 was in line with a year ago.
It said the slightly lower fresh fruit bunch (FFB) production for 3QFY10 was cushioned by higher average crude palm oil (CPO) prices realised. Average CPO prices realised for 3QFY10 was RM2,480 per tonne compared to RM2,274 per tonne a year ago.
The resource-based manufacturing segment reported an operating profit of RM128.6 million for 3QFY10 as compared to RM109.6 million a year ago.
The property segment's operating profit of RM124.7 million for 3QFY10 was 76% higher than a year ago, boosted by an overall increase in sales, it said.
On its current year prospects, IOI Corp said the global economy and especially the Malaysian economy, had continued to show signs of improvement.
"The group is therefore optimistic that an overall improvement in performance can be recorded for the full financial year," it said.
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