KLK sees rebound in crude palm oil prices

Forex gain: KLK posted a year-on-year net profit growth of 6.6 to RM250.92mil for the first quarter ended Dec 31, boosted by a foreign currency exchange gain of RM38mil.

PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) said the steep drop in the price of crude palm oil (CPO) at the end of last year resulted in a lower profit contribution from its core plantation business, but expects a rebound in prices to support its performance in the coming months.

KLK posted a year-on-year net profit growth of 6.6% to RM250.92mil for the first quarter ended Dec 31, boosted by a foreign currency exchange gain of RM38mil.