(KLK closing stock price today (24.5.2012) was RM 22.16)
Kuala Lumpur Kepong Bhd's (KLK) earnings fell 42.5% to RM214.91mil in the second quarter from RM373.85mil a year ago due to higher operating expenses.
It said on Thursday its revenue rose 10.8% to RM2.624bil from RM2.368bil. Earnings per share were 20.18 sen compared with 35.10 sen. It declared an interim single tier dividend of 15 sen per share.
Its operating expenses rose to RM2.18bil from RM1.79bil.
In the notes to the accounts, KLK said the plantations sector registered a profit of RM300.7mil which was 20.7% below the RM379.1mil year ago.
The decline in profit was due to a reduction in commodity selling prices. The realised selling prices for CPO and PK were diluted by the Indonesian export duties which had effectively reduced the Indonesian domestic CPO and PK prices.
KLK also said it was impacted by rising cost of production due to inflationary factors such as higher wages.
Another factor was lower refinery contributions. Last year's quarter results was aided by the gain of RM70.2mil arising from the changes in fair value on outstanding derivative contracts.
In the first half, its earnings fell 18% to RM555.89mil from RM678.04mil in the previous corresponding period. Turnover was however higher by 15.7% to RM5.547bil from RM4.791bil.
Source: www.thestar.com.my
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