Chinteck ... May11

KUALA LUMPUR: CHIN TECK PLANTATION BHD net profit for the second quarter ended Feb 28, 2011 rose 36.3% to RM13.83 million from RM10.14 million a year earlier, driven by higher average selling prices for fresh fruit bunch (FFB), crude palm oil (CPO) and palm kernel.

Revenue for the quarter rose to RM28.93 million from RM22.97 million in 2010. Earnings per share was 15.14 sen, while net assets per share was RM6.27.

For the six months ended Feb 28, Chin Teck’s net profit rose to RM29.98 million from RM24.54 million on the back of revenue RM59.93 million.

Reviewing its performance, Chin Teck said on Friday, April 29 that during the six months ended Feb 28, the average selling prices for its products were substantially higher despite significantly lower production of FFB, CPO and palm kernel.

It also said other income was substantially higher due mainly to an amount of gain on foreign, increase in interest income as well as profit contribution from its joint ventures.

On its prospects for the current financial year, Chin Teck said the average selling price of FFB, CPO and palm kernel were expected to remain steady this year.