PPB Group gets profit boost from associate Wilmar

The palm oil industry is still very labour intensive, where harvesting is still a job which requires skilled labour — AZMAN GHANI/The Star

PETALING JAYA: PPB Group Bhd recorded a 45% increase in net profit to RM358mil for the first quarter ended March 31, 2017, from RM246.24mil a year ago.

The conglomerate attributed the growth to its associate company, agribusiness firm Wilmar International Ltd, as well as an improved performance in its consumer products segment.

“Most of the group’s other segments posted lower profits in the first quarter compared with the same period last year,” PPB said in a filing with Bursa Malaysia on Thursday.

Revenue for the quarter fell by 8% to RM1.03bil from RM1.12bil previously.

PPB, which is part of tycoon Robert Kuok’s stable of businesses, said that Wilmar’s performance would continue to contribute substantially to the group throughout this year.

“For the current financial year, the performance of the group’s main business segments is expected to be satisfactory,” it said.

Wilmar contributed about 80% of PPB’s overall profit in the first quarter, while the remaining its from grains and agribusiness, consumer products and film exhibition and distribution.
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