PETALING JAYA: PPB Group Bhd posted 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, 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 yesterday.
Revenue for the quarter fell by 8% to RM1.03bil from RM1.12bil previously.
PPB, which is part of tycoon Robert Kuok’s (pic) 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.
On PPB’s grain and agribusiness segment, the company is confident of maintaining its market position despite intense competition in both the domestic and overseas flour markets.
The company said its market competition would be backed by the new capacities at its existing flour mills in Pasir Gudang, Johor and in Vietnam that were scheduled to come on-stream this year.
PPB, which is the owner of Golden Screen Cinema (GSC), said the business segment would be supported by opening of new cinemas in Malaysia and Vietnam, coupled with a stronger line-up of movies this year.
It is understood that the group has shelved its plan to sell GSC for US$500mil (RM2.17bil).
“The group expects to launch a mixed development project in Taman Megah, Petaling Jaya later in the year,” it said.
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