Cost issue for Genting Plantation in 3Q

Genting Plantation Bhd’s net profit fell by 26% year-on-year (y-o-y) in the third quarter of its financial year 2022 (3Q22) to Rm75.49mil due to higher production costs.

In a filing with Bursa Malaysia yesterday, Genting Plantation said the earnings before interest, tax, depreciation and amortisation for its plantation segment, which makes up most of the group’s profit, was higher y-o-y on the back of higher palm product prices.

Its revenue for the 3Q22 rose by 12% y-o-y to Rm822.4mil, bringing year-to-date revenue to Rm2.4bil, mainly buoyed by higher sales volume of its plantation segment and higher pricing of the downstream manufacturing products.