PPB Oil Palms Bhd said its first-half to June net profit rose to RM67.03mil from RM62.68mil a year earlier, with sales improving to RM248.4mil from RM207.01mil previously, as a result of better palm product prices and higher crop production.
However, this was moderated by translation losses on US dollar loans, incurred by its Indonesian subsidiaries, following the weakening of the rupiah, PPB Oil Palms said in the notes accompanying its results.
Going forward, PPB Oil Palms said crop production should increase in the second half of the year and if crude palm oil prices remain at current levels. In a separate statement, PPB Oil Palms said Tan Yew Jin would resign as deputy chairman, effective today. – AFX-Asia