PPB : Third-Quarter Net Profit Rose 4.4% Thanks to Wilmar International Contribution

By Chester Tay

PPB Group Bhd's third-quarter net profit rose 4.4% thanks to an increased contribution from 18%-owned Wilmar International Ltd.

Net profit rose to 411.6 million ringgit ($100.7 million), while revenue declined 13% to MYR1.04 billion, the diversified group said Thursday.

For the first nine months of 2020, the group's net profit rose 16% compared with the same period a year earlier, to MYR931.6 million, while revenue fell 13% to MYR3.06 billion.

PPB said its grain and agribusiness segments aren't expected to be significantly affected by the pandemic, while consumer products are likely to perform satisfactorily amid an expansion into e-commerce.

However, the group said its cinema and property businesses are expected to remain challenging due to Covid-19.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-26-20 0503ET