IOI Q3 net profit falls to RM305.3m

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.