IOI expects weaker financial performance in FY23

KUALA LUMPUR: IOI Corp Bhd, which saw its net profit jump 50.7% to RM541.8mil in the second quarter ended June 30, expects its financial performance for the financial year ending June 30, 2023 (FY23) to be lower than for FY22 but remain healthy.

IOI said crude palm oil (CPO) price has weakened since early June following various measures introduced by the Indonesian government to first restrict and then boost export.