BLD Plantation posts strong results for 3Q16

KUCHING: BLD Plantation Bhd (BLD Plantation) registered a set of impressive financial results for the third quarter of 2016 (3Q16) ending September 2016 compared with the previous quarter.

The plantation company in a filing to Bursa Malaysia yesterday said 3Q16 net profit soared by 293 per cent year-on-year (y-o-y) to RM4.86 million from RM1.24 million recorded in 3Q15.

Its 3Q16 revenue gained by 58 per cent y-o-y to RM589.58 million from RM374.25 million generated in 3Q15.

Meanwhile, BLP Plantation in its accounts notes said it achieved higher revenue and profit before tax of about RM215.3 million and RM14.3 million than the corresponding period of the preceding year due to higher sales volume and higher average selling price of products in the quarter ended September 2016.

Additionally, the group’s revenue and profit before tax were higher by about RM294 million and RM29 million during the current financial period as compared to the preceding year due to higher sales volume and higher average selling price of products.

For the nine months of its financial year 2016 (9M16), BLP Plantation said net profit surged more than four times to RM20.32 million as compared with RM4.96 million recorded in 9M15.

The higher profit was on the back of higher revenue as 9M16 revenue increased by 29 per cent y-o-y to RM1.31 billion from RM1.02 billion generated in 9M15.

Commenting on the group’s prospects,BLDPlantationopined that its financial performance is dependent on the physical supply and demand of palm oil products in the world edible oil market and their corresponding prices as well as the exchange rate of the ringgit.