Sime Darby's Q2 profit soars on higher palm oil prices
Kuala Lumpur
MALAYSIAN conglomerate Sime Darby, which is proposing to carve out its plantations and property units into separate standalone listed entities, registered a 126 per cent jump in net profit to RM644 million (S$203.5 million) for the second quarter to end- December, with the significant improvement in earnings coming largely from higher crude palm oil (CPO) prices and better production of fresh fruit bunches (FFB).
The conglomerate saw a rise in revenue to RM12.3 billion for the quarter from RM11.8 billion a year ago. For the half year, its profit amounted to slightly over RM1 billion (RM609 million) on a revenue of RM22.4 billion (RM22 billion).…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Meta releases early versions of its Llama 3 AI model
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
TSMC estimates losses of US$92.4 million due to Taiwan earthquake
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
US: Wall St opens higher as some chip stocks bounce back after selloff
Blackstone reports 1% rise in Q1 earnings