CBIP quarterly net profit up 51% to RM19mil

CBIP said the palm oil equipment and engineering segment reported higher pre-tax profit of 11%, while revenue increased marginally.

PETALING JAYA: CB Industrial Product Holding Bhd’s (CBIP) net profit for its first quarter ended March 31, 2021 rose 51.2% to RM18.58mil from RM12.29mil in the previous corresponding period, mainly due to higher contribution from its palm oil equipment and engineering segment.

In a filing with Bursa Malaysia yesterday, the company said net profit in the first quarter was also spurred by its palm oil plantations segment, as well as the improved share of results of associates and joint ventures.