IOI Q3 net profit falls to RM305.3m

New Straits Times - - Business -

KUALA LUMPUR: IOI Corp Bhd’s net profit fell 58 per cent to RM305.3 mil­lion in the third quar­ter ended March 31 from RM729.4 mil­lion a year ago. This was mainly due to lower net for­eign cur­rency trans­la­tion gain on for­eign cur­rency de­nom­i­nated bor­row­ings, it said. Lower fair value gain on de­riv­a­tive fi­nan­cial in­stru­ments from its man­u­fac­tur­ing seg­ment also posed a drag on earn­ings. IOI’s quar­terly rev­enue, how­ever, grew 21 per cent to RM3.47 bil­lion from RM2.87 bil­lion.

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