IOI Corp’s 3Q profit jumps on stake sale

IOI Corp Bhd’s net profit for the third quarter ended Mar 31, 2018 (3Q18) jumped more than five-fold year-on-year (YoY) to RM2.07 billion due to gains made on disposal of discontinued operations.

Pretax profit rose to RM430.70 million for the period from RM394.30 million posted in 3Q17 due to higher net foreign currency translation gains. IOI revenue for the quarter dipped marginally to RM2.31 billion against RM2.34 million posted in 3Q17.

In an exchange filing yesterday, it noted the performance of its plantation segment is expected to be satisfactory in the 4Q with the group’s trend of higher oil palm fruits production. Its 30%-owned associate, Bunge Loders Croklaan, is expected to perform well with good demand for its core products and the realisation of synergies with the larger Bunge Group.