Malaysia;S Ioi Corp Posts 55.5 PCT Jump in Annual Pre-Tax Profit

KUALA LUMPUR, Aug 19 Asia Pulse - IOI Corporation Berhad (KLSE:1961) has chalked up a 55.5 per cent leap in pre-tax profit for the twelve months ended 30 June 2008, contributed largely by its plantation and resource-based manufacturing segments following a jump in crude palm oil (CPO) prices and volume.

Its pre-tax profit rose to RM3.1 billion (US$930.9 million) from RM1.99 billion in the previous year.

The higher profit was achieved on revenue of RM14.67 billion, which represented a 63.8 per cent surge from RM8.95 billion previously.

Earnings per share climbed to 36.85 sen from 24.13 sen previously.

For the fourth quarter, the group's pre-tax profit of RM856.1 million was 42 per cent higher than RM602.5 million for the same period in 2007.

Revenue increased 79 per cent to RM4.56 billion from RM2.54 billion previously.

IOI Corp said its plantation earnings of RM1.84 billion for FY2008 is about twice the earnings generated for FY2007, boosted by significantly higher CPO prices.

Average CPO price realised for FY2008 is RM2,865 per MT as compared to RM1,759 per MT for FY2007.

The resource-based manufacturing segment continued to perform well in FY2008 with operating profit soaring 62 per cent to RM658.2 million with the inclusion of full year profit from Pan Century Group as well as volume and margin growth from all three sub-segments i.e. refinery, oleochemicals and specialty fats.

The property segment's operating profit of RM551.9 million is 8 per cent lower than the previous year's profit.

After exclusion of fair value gain on investment properties of RM130.0 million (FY2007: RM160.7 million), operating profit only fell by 4 per cent, which is considered satisfactory in this challenging market condition with escalating cost in building materials, IOI Corp said.

It said overall the group achieved net earnings of RM2.23 billion in FY2008, a 51 per cent increase over the RM1.48 billion recorded in the previous year.

ASIA PULSE

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