Weaker ringgit affects IOI Corp earnings

Falling profits: File picture of an IOI plantation in Johor. The conglomerate’s revenue rose to RM2.94bil for the fourth quarter ended June 30, 2015 but its net profit fell 60 to RM159.7mil.

Lower contribution from plantation segment also bites into profits

PETALING JAYA: Despite registering higher revenue, IOI Corp Bhd’s net profit fell 60.8% to RM159.7mil for the fourth quarter ended June 30, 2015, from RM407.5mil in the previous corresponding period due mainly to lower contribution from its plantation segment, as well as a net foreign currency translation loss.