Agro-based QL RESOURCES BHD []'s net profit rose a marginal 3.6% in its first quarter (1Q) ending June 30, 2009, compared with a year ago to RM22.3 million while revenue declined 2.2%. It proposed a bonus issue of one-for-five.
The decline in revenue was mainly due to a 41% year-on-year (y-o-y) decline sales from the group's palm oil division, followed by a 3% decline in the marine product manufacturing division. Profit before tax for the marine and palm oil divisions fell 20% and 61% respectively.
The drop in sales and profit before tax (PBT) in the marine product manufacturing segment was due to lower contribution from surimi and lower catch from deep-sea fishing.
The group explained that the decline in revenue for palm oil division was due to lower selling prices of crude palm oil (CPO) and 18% decline in fresh fruit bunches (FFB) processed. The average CPO price realised in 1Q was RM2,423 per tonne or 31% less than RM3,487 a year ago. The division's lower PBT was due to lower milling margins and lower contribution from the group's estates.
QL's net profit rises a marginal 3.6%
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Monday, August 24, 2009
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