Malaysia's Sime Darby Q2 net profit plunges 47%

[KUALA LUMPUR] Sime Darby Bhd, the world's biggest listed palm oil producer, announced on Thursday a 47 per cent tumble in its second-quarter profit, dragged by weak commodity prices.

Net profit for the October-December period declined to 437.4 million ringgit (s$164.7 million) from 818.3 million ringgit a year ago, Sime Darby said in a stock exchange filing. Revenue, however, inched up 0.3 per cent to 10.74 billion ringgit.

The benchmark May contract on the Bursa Malaysia Derivatives Exchange was trading at 2,270 ringgit per tonne on Thursday. Prices tumbled 15 per cent in 2014, dragged down by a rout in crude oil prices and oversupply of competing oilseeds.

REUTERS