KLK Q2 profit up 50.06% on better CPO prices

PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) posted higher net profit for the second quarter ended March 31, 2014, registering an increase of 50.06% to RM314.61 million from RM209.66 million in the corresponding period, attributed to higher palm oil prices.
Its second quarter revenue rose 31.24% to RM2.93 billion from RM2.24 billion. For the six-month period, KLK'net profit went up 29.05% to RM607.29 million from RM470.58 million a year ago, while revenue climbed 19.13% to RM5.4 billion from RM4.56 billion.
In a filing with Bursa Malaysia, KLK said the CPO prices was RM2499 for the period under review, higher than RM2143 recorded a year before. It noted that production may be affected if the predicted El Nino weather phenomenon and the sub-normal monsoon in India materialises.
However, KLK expects the profit for the current financial year to exceed that of last financial year.