IOI CORP SWINGS TO PROFIT IN Q1 FROM PRE­VI­OUS YEAR

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: IOI Corp Bhd saw a net profit of RM104.8 mil­lion in the first quar­ter ended Sept 30, 2016 com­pared with a net loss of RM744.40 mil­lion a year ago mainly due to higher con­tri­bu­tion from all seg­ments and lower net for­eign cur­rency trans­la­tion loss on for­eign cur­rency-de­nom­i­nated bor­row­ings. Rev­enue rose 6.6% to RM3.29 bil­lion from RM3.09 bil­lion in the cor­re­spond­ing quar­ter last year. IOI Corp said the plan­ta­tion seg­ment is ex­pected to per­form sat­is­fac­to­rily, sup­ported by pre­vail­ing high crude palm oil and palm ker­nel prices.“Over­all, the group ex­pects its op­er­at­ing performance for FY2017 to be sat­is­fac­tory,” it said.

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