KIM LOONG RESOURCES posted a Net Profit of RM8.6m for 4QE Jan 2009 - down 63% from RM23.2m a year earlier, in line with a 47% drop in Revenue to RM80.1m from RM150.3m previously.
DIVIDEND DECLARED
The Company proposed a Final Dividend of three sen per share, bringing total dividends for financial year 2009 (FY09) to 36 sen per share.
FULL FYE JAN 2009 RESULTS
For full FYE Jan 2009, Revenue grew 8% to RM507.0m from RM469.8m in FY08, while Net Profit rose 12% to RM65.2m from RM58.5m previously.
The growth in full-year revenue was due to higher crude palm oil (CPO) price and higher production of fresh fruit bunches (FFB) compared with the previous corresponding period, the Company said.
Profit from plantation operation rose 14% or RM10.7m to RM86.3m as a result of the better CPO prices and about 10% increase in FFB production by 24,000 tonnes y-o-y. ".... As for the milling operation, the profit dropped by 19% or RM4.5m to RM19.2m, mainly due to Inventory Write-down as a result of the steep decline in palm oil product prices in the second half of the financial year ...." it said.
HIGHER PRODUCTION EXPECTED IN 2009/10
On prospects for FY10, KIM LOONG expects further increase in the production from both the plantation and milling operations compared with FY09.
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