KLK’s 3Q17 earnings drop 56% to RM113m

Kuala Lumpur Kepong Bhd’s (KLK) earnings for the third-quarter ended June 30, 2017, (3Q17) fell 55.5% to RM112.76 million from RM253.39 million a year ago, mainly due to a surplus of RM485.6 million recognised in the preceding year’s quarter derived from the sale of plantation land to an associate.

Revenue grew 24.2% to RM4.87 billion in 3Q17 from RM3.92 billion a year earlier. The jump in earnings was also attributed to higher plantation profit underpinned by improved selling prices of crude palm oil (CPO) and palm kernel, while fresh fruit bunch (FFB) production climbed 10.6% to 2.874 million metric tonnes.

In an exchange filing yesterday, the integrated plantation group expects a higher plantation profit for the current financial year in view of the prevailing CPO price and the forecast of higher FFB production.

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