Kim Loong reports lower net profit


“The expected lower production is mainly due to the slower-than-expected recovery from low yield cycle and the on-going replanting programs for old palm areas, ’ Kim Loong said

KUALA LUMPUR: Kim Loong Resources Bhd said slow production recovery at its oil palm estates and a fire incident that disrupted its mill operations in Johor contributed to the decline in earnings.

Net profit in the three months ended Oct 31 fell 18% to RM13.8mil compared with RM16.8mil a year ago.

Revenue declined 23% to RM175mil, the company said in a filing with Bursa Malaysia yesterday.

“For the financial year ending Jan 31,2020 (FY20), we forecast the fresh fruit bunches (FFB) production to be in the region of 85% of the financial year 2019, ” Kim Loong said.

“The expected lower production is mainly due to the slower-than-expected recovery from low yield cycle and the on-going replanting programs for old palm areas, ’ it added.

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