United Malacca profit plunges on lower CPO and palm kernel prices

Harvesting oil palm fruits at a United Malacca Plantation. - Filepic

PETALING JAYA: The earnings of local plantation group United Malacca Bhd (UMB) took a steep plunge by nearly 71% year-on-year (y-o-y) in its fourth quarter ended April 30, primarily on the back of lower average prices of crude palm oil (CPO) and palm kernel (PK).

The company said its bottom line for the fourth quarter dropped to RM8.52mil from RM29mil a year earlier.