QL Resources Q2 earnings climb to RM48.17m, boost from palm oil

KUALA LUMPUR: QL Resources Bhd’s earnings rose 14% to RM48.17mil in the second quarter ended Sept 30, 2014 from RM42.25mil a year ago, boosted by its palm oil activities.

It said on Thursday its revenue increased 8.5% to RM656.54mil from RM605.14mil a year ago. Earnings per share were 3.86 sen compared with 3.69 sen.

Elaborating on the revenue, it said the marine product manufacturing (MPM) segment recorded a 10% increase in sales from a year ago due to overall higher contribution from surimi-based products operations, Indonesia fishery operation and new contribution from shrimp farming

MPM's current earnings however only increased 4% against corresponding quarter mainly due to lower fishmeal and surimi contribution

Palm oil activities saw an 8% rise due to an increase in fresh fruit bunches (FFB) process. Crude palm oil price was RM2.205 in the just ended quarter compared with RM2,270 a year ago.

“Palm oil activities’ current quarter earnings increased significantly due to higher FFB processed, higher contribution from associate (Boilermech) as well as lower losses from Indonesia's oil palm operations,” it said.

QL Resources said as for the integrated lifestock farming, current quarter sales increased 8% on-year mainly due to higher raw material trade volume and higher sales contribution from poultry farms operation.

“Current quarter earnings, increased 9% against corresponding quarter due to higher contributions from its peninsular poultry operations,” it said.

 

In the first half ended Sept 30, 2014 its earnings increased by 14.2% to RM88.23mil from RM77.21mil in the previous corresponding period. Revenue was higher at RM1.310bil – up 10.5% -- from RM1.184bil a year ago.