PETALING JAYA: Hap Seng Plantations Bhd’s net profit for the fourth quarter ended Dec 31, 2019 jumped fivefold to RM31.17 million from RM6.08 million a year ago on higher operating profit and lower tax expense.
The group’s revenue for the current quarter was at RM124.86 million, 30% higher than the RM96.09 million previously, mainly attributable to higher sales volume and better average selling price realisation of crude palm oil (CPO).
For the full-year period, its net profit was 8% above the preceding year at RM31.45 million versus RM29.11 million attributable to reversal of certain deferred tax provision in prior period.
Its revenue rose 7.1% to RM418.60 million compared with RM390.76 million in the previous year.
Dividends approved for the current financial year amount to 2.5 sen per share, payable on March 24.
On prospects, the group said CPO production and palm oil inventories in the first quarter of 2020 are expected to remain low which may support CPO prices in the near term.
“Based on the foregoing, the group results for the financial year ending Dec 31, 2020 are expected to be influenced by the uncertainty in the global economic environment, which amongst others, is affected by the Covid-19 outbreak.”
source https://www.thesundaily.my/business/hap-seng-plantations-q4-earnings-up-five-times-on-higher-operating-profit-lower-tax-expense-EA2046699
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