IJM Corp’s net profit soars on low base

IJM Plantations Bhd, which is 56.2%-owned by IJM Corp, reported a net profit of RM60.06mil in its first quarter ended June 30, 2021, compared with RM82.12mil in the previous corresponding period, while revenue stood at RM271.72mil compared with RM205.99mil a year earlier.

KUALA LUMPUR: IJM Corp Bhd’s net profit for its first quarter ended June 30, 2021 surged to RM65.68mil from RM2.05mil in the previous corresponding period, while revenue in the first quarter grew to RM1.31bil from RM879.80mil a year earlier.

In a filing with Bursa Malaysia yesterday, IJM Corp said the higher earnings was primarily because the first movement control order in 2020 had restricted business activities for almost two thirds of the group’s first quarter of last year.