QL Resources Q4 profit advances 24%

Higher earnings attributed to better CPO price

PETALING JAYA: Agro-food company QL Resources Bhd’s net profit in the fourth quarter ended March 31 jumped by 24% to RM47.24mil from RM38.14mil a year ago.

This was mainly due to higher crude palm oil (CPO) price and gains from a disposal.

Revenue for the quarter was also up by 6% to RM813.7mil from RM770.2mil in the corresponding quarter last year.

QL Resources, in its filing to Bursa Malaysia, said its palm oil division saw a 45% increase in sales due to higher CPO price and the volume of fresh fruit bunches processed by its Indonesian unit.

However, its marine product manufacturing (MPM) division was affected by lower contributions the from surimi and fishmeal operations due to overall lower fish catch, resulting in marginally lower sales and earnings.

MPM’s current quarter sales decreased marginally and earnings decreased 36% against the corresponding quarter.

Although cumulative sales increased 4%, earnings decreased 13% against the corresponding period respectively.

Meanwhile, its integrated livestock farming division reported a bigger profit contribution amid better contribution from its Vietnam poultry unit and Indonesian feedmill unit, as well as gains from disposal of investment properties.

For the full-year period, net profit climbed 2% to RM195.92mil from RM192.08 mil in 2016, while revenue climbed 6% to RM3.01bil from RM2.85bil. “Barring unforeseen events, the management is confident that the first quarter of financial year 2018 performance will continue to be satisfactory,” said the group on its prospects.

QL Resources shares rose 1 sen or 0.2% to close at RM4.96, reflecting a market capitalisation of RM6.14bil.