Weaker ringgit and CPO price affect IOI Corp

CIMB Equities Research said IOI Corporation Bhd 1QFY6/16 core net profit (excluding forex translation loss) accounted for 14% of its full-year forecast and 12% of consensus estimates

PETALING JAYA: The weaker ringgit and the lower price of crude palm oil (CPO) have taken a toll on IOI Corp Bhd, as the planter posted one of its worst quarterly losses.

The US dollar strengthened against the ringgit by 18% during the three months ended Sept 30, with the US dollar/ringgit exchange rate closing at a high of 4.4475 as of end-September 2015.