KUALA LUMPUR: Innoprise Plantations Bhd expects to post "reasonable good profit" in the coming months on rising palm oil production and higher selling prices that helped the company to register a turnaround in the second quarter.
The planter, on Monday announced it made a net profit of RM10mil in three-month ended June 30 compared with a net loss of RM2.2mil a year ago.
Revenue jumped to RM34.96mil from RM23.89mil previously, the company said in a filing with Bursa Malaysia today.
Fresh Fruit bunch (FFB) production rose 34% to 62,163 tonnes, while the average selling price of crude palm oil (CPO) was 25% higher at RM2,433 a tonne.
"FFB production for the second half of the year is expected to increase due to seasonal trend," it said.
"Given the current level of CPO and palm kernel prices which stood at average about RM2,500 and RM1,400 respectively, the Board is confident of achieving reasonably good profit in the coming months," it added.