Kim Loong net profit down on reduced CPO prices

A strong push by the Governmen t for B5 could translate into domestic palm oil stock s being reduced to below 1million tonnes as well as provide a floor price at RM2,000 per tonne.

PETALING JAYA: Kim Loong Resources Bhd posted an 82.8% fall in net profit to RM3.15mil for the fourth quarter ended Jan 31, 2019 due to lower average crude palm oil (CPO) prices.

Revenue also fell 26.4% to RM198.52mil from RM269.81mil in the same period last year.