Kim Loong earnings soar in first quarter

KUALA LUMPUR: Kim Loong Resources Bhd’s net profit jumped 38% to RM39.23mil in the first quarter ended April 30, from RM29.38mil in the same period last year, driven by contributions from its plantation operation.

In a filing with Bursa Malaysia yesterday, the company said revenue for the quarter surged 63% to RM509.74mil against RM312.45mil a year ago.

“The good performance for the current financial year-to-date was mainly due to higher average selling prices of fresh fruit bunches (FFBs) and crude palm oil (CPO) by 56% and 58%, respectively.

“On the other hand, FFB production was higher by 7% while the CPO production had increased by 2%,” it said in the notes accompanying its financial results.