Chin Teck Plantations Q4 net profit up 71%

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PETALING JAYA: Chin Teck Plantations Bhd posted an almost 71% jump in net profit for the fourth quarter ended Aug 31, 2017, on lower cost of sales, higher dividend, interest income and foreign exchange gain.

The company made a net profit of RM10.4 million for the quarter under review, compared with RM6 million for the same quarter in 2016.

This was on a 4.9% increase in revenue to RM34.1 million, compared with RM32.5 million for the fourth quarter ended Aug 31, 2016.

The company said in its filing with Bursa Malaysia, suspended routine harvesting in its investments in oil palm plantation in Lampung Province, Indonesia is still pending clearance from relevant authorities. Harvesting of newly matured fields have stopped due to unrest in villages neighbouring the estate. This has resulted in the joint venture suffering losses.

Net profit for the 12 month period jumped more than two fold to RM40.5 million, compared with RM17.8 million for the same period in 2016.

This was on a 32.6% jump in revenue to RM148.6 million for the year, compared with RM112.1 million for the same period in 2016. It has decided not to declare a final dividend for the year ended Aug 31, 2017 having paid out 19 sen in dividends thus far.

The stock closed unchanged at RM7.8, with some 400 shares traded.

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