Sime Darby’s consolidated net earnings up by 152 per cent in the first quarter of 2018

KUALA LUMPUR: Sime Darby Bhd posted consolidated net earnings from both its continuing and discontinuing operations of RM1.316 billion in the first quarter ended Sept 30, 2017, up 152 per cent from the previous corresponding period.

It was the highest ever reported quarterly net earnings for the group,thediversifiedmultinational said in a statement yesterday.

Duringthequarterunderreview, Sime Darby which is undergoing one of the largest demergers in Malaysian corporate history, recorded a pre-tax profit of RM376 million from RM312 million in the same quarter last year over a bigger revenue of RM8.14 billion versus RM6.93 billion.

President and Group chief executive Tan Sri Mohd Bakke Sallehsaidthegrouphasperformed well overall.

“At the Plantation Division, higher fresh fruit bunches (FFB) production supported by higher crude palm oil (CPO) prices realised increased earnings while recognition of share of profits from the Battersea development project enhanced the Property Division’s performance.

“We are also able to report on higher heavy equipment deliveries in Australia and China. The group also recognised gains on disposal of properties and investments and reversal of depreciation and amortisation of discontinuing operations,” he said.

MohdBakkesaidtheperformance augured well for the divisions as Sime Darby stepped into the final days leading up to the listings of thepureplays,embarkingonanew journey to unlock value.

The group is expected to list its plantation and property arms at the end of this month, after obtaining relevant approvals from the Securities Commission and Bursa Malaysia Securities Bhd.

The group’s industrial division achieved a profit before interest and tax (PBIT) of RM247 million for the quarter under review compared to RM51 million previously due in part to a gain on disposal of three properties in Australia,totallingRM156million. — Bernama