KLK Q2 NET PROFIT RISES TO RM546.57 MLN
KUALA LUMPUR, May 24 (Bernama) -- Kuala Lumpur Kepong Bhd’s (KLK) net profit for the second quarter ended March 31, 2022 (Q2 2022) rose to RM546.57 million from RM490.44 million in the corresponding quarter a year ago.
Revenue also increased to RM6.38 billion from RM4.51 billion previously, it said in a filing with Bursa Malaysia.
It said among the sectors that contributed to the higher revenue was the plantation sector, which saw its profit double to RM1.031 billion, boosted by the much stronger crude palm oil (CPO) and palm kernel (PK) selling prices.
The CPO price continued to rally due to tight edible oils supplies worldwide, exacerbated by supply disruptions arising from the Russia-Ukraine conflict.
"The CPO price is also expected to remain high in the near term. With the strong CPO price and intensified mechanisation efforts to alleviate the labour shortage, we expect profit from the plantation segment to improve in the second half of the financial year," said KLK.
For the manufacturing segment, the hike in raw material prices and energy cost, coupled with persistent logistics issues, continued to pose challenges in the current financial year, it noted.
Nevertheless, the group expects the segment’s performance to be satisfactory, supported by robust demand with the recovery in the global economy.
“Overall, we expect a good financial performance for the financial year ending Sept 30, 2022,” it said.
-- BERNAMA
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