By Chester Tay
Plantation company Kuala Lumpur Kepong Bhd. said first-quarter net profit fell 33% on year due to weaker earnings from its manufacturing business and lower gains from foreign exchange and government acquisition of plantation land.
Net profit for the October-to-December quarter was 167 million Malaysian ringgit ($40.3 million), compared with MYR251 million a year earlier, the Malaysian conglomerate said in its earnings statement.
Revenue fell 0.2% on year to MYR4.08 billion.
Profit at the company's plantation business grew 24% on year to MYR157.7 million due to favorable crude palm oil selling prices.
Crude palm oil prices averaged MYR2,207 per metric ton during the quarter, 20% higher than a year earlier, it said.
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