By Chester Tay
Kuala Lumpur Kepong Bhd.'s net profit for the third quarter ended June 30 jumped more than seven times from a year earlier, driven by improved palm oil prices and production, coupled with foreign currency gains from a stronger Indonesian rupiah.
Net profit for the April to June period ballooned to 368.7 million ringgit ($88.1 million), while revenue grew 0.2% to MYR3.71 billion, the plantation group said in a stock exchange filing Wednesday.
Net profit for the nine-month period rose 27% from a year earlier to MYR563.8 million, despite revenue dropping 1.2% to MYR11.6 billion.
For fiscal 2020, the group expects overall profit to improve in spite of uncertainties arising from the Covid-19 pandemic, as crude palm oil prices have improved, underpinned by declining palm oil inventories and a recovery in demand with the re-opening of global economies.
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