IOI profit tumbles in Q2

The plantation giant saw its net profit fall 97.8 to RM15.6mil for the second quarter of its financial year ending June 30, compared with RM703.7mil in the corresponding quarter last year. — Reuters

PETALING JAYA: IOI Corp Bhd registered a sharp decline in earnings for the last three months of 2016, as the decline in the value of the ringgit resulted in foreign currency translation losses.

The plantation giant saw its net profit fall 97.8% to RM15.6mil for the second quarter of its financial year ending June 30, 2017 (Q2’17), compared with RM703.7mil in the corresponding quarter last year.