Oil palm cultivation segment lifts Oriental Interest

Oriental noted that revenue and profit before tax from its oil palm cultivation segment jumped by 146% and 357%, respectively, driven by both stronger crude palm oil prices and better harvesting during the quarter.

PETALING JAYA: Oriental Interest Bhd’s net profit fell 22.5% to RM11.70mil in the first quarter ended Nov 31, 2021 (Q1’FY22) from RM15.09mil a year ago mainly dragged by lower revenue from both the property development and general construction segments.

In a filing with Bursa Malaysia, the group said its revenue also dropped around 12% to RM76.91mil in the quarter compared to RM87.47mil in the corresponding period a year ago.