Batu Kawan posts 10% lower net profit

PETALING JAYA: Batu Kawan Bhd posted an almost 10% decline in its net profit for the first quarter ended Dec 31 to RM177.9mil from RM197.5mil a year earlier.

In a filing with Bursa Malaysia, the diversified company said profit for the quarter was dragged lower by lower crude palm oil (CPO) prices, an unrealised foreign-exchange loss and lower profits from its property development business.

Batu Kawan’s plantation segment saw a 36% decline in profit before tax during the quarter to RM276mil from RM430.3mil a year earlier. “The group’s plantation profit during the period under review was affected by the decline in CPO prices due to post-El Nino fresh fruit bunch production recovery, resulting in high CPO inventories,” it said.

Corporate News , Plantations , Batu Kawan