24 May 2012

PPB Group's quarterly net profit fell 32.7% to RM 178.50 mil due to lower profit contribution from its 18.3% owned Wilmar International

(PPB closing stock price today (24.5.2012) was RM 15.70)

PPB Group Bhd's net profit fell 32.7% to RM178.50mil in the first quarter ended March 31, 2012 from RM265.23mil a year ago following lower profit contribution from its 18.3% owned Wilmar International Ltd.

PPB said on Thursday that the Singapore-listed Wilmar's profit contribution came in at RM141mil compared with RM216mil a year ago mainly to lower oilseeds and grains margins. PPB's earnings per share were 15.06 sen compared with 22.37 sen.

"Group profit before tax decreased by 30% to RM200mil in Q1, 2012 compared with RM283mil in Q1, 2011," it said.

PPB's revenue rose 20.2% to RM696.95mil in Q1, 2012 from RM580mil a year ago mainly due to higher revenue from the grains trading, flour and feed milling division.

The property division's revenue increased significantly due to the sale of its newly launched high-end residential properties in Bukit Segar, Kuala Lumpur.

All other divisions recorded higher revenue in the quarter under review with the exception of chemicals, livestock and investments divisions.

The grains trading, flour and feed milling, property, and investments recorded higher revenue.

On the oulook, PPB said the global economy continues to be uncertain in 2012, particularly with the Eurozone problems and slower growth reported by the advanced/emerging economies.

"The volatility of commodity prices and foreign exchange rates will continue to present challenges to the group's businesses," it added.

Source: www.thestar.com.my


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