KLK issues profit warning amid weak palm oil prices

KUALA LUMPUR: Plantation group Kuala Lumpur Kepong Bhd (KLK), which saw its net profit fall 26.8% to RM214.2mil in the first quarter ended Dec 31, 2014, expects profit from its palm oil business for the current financial year ending Sept 30 (FY15), to be lower than that of last financial year on weaker prices.

“The current palm oil price is buoyed by the weak ringgit and tight supply. However, the palm oil price will be affected by the current high soybean production,” it said.