IOI posts 134% jump in 1Q profit mainly on forex gain

KUALA LUMPUR (Nov 19): IOI Corporation Bhd registered a net profit of RM604.3 million for the first quarter (1Q) ended Sept 30, 2012, a jump of 134.1% year-on-year, mainly on currency gains and contributions from non-plantations segments.

The group had registered a RM258.1 million net profit in the corresponding quarter in previous year.

But revenue for the quarter fell 17.1% to RM3.4 billion, from RM4.1 billion a year ago.

Earnings per share was higher at 9.44 sen, versus 4.02 previously.

"The increase in profits is mainly due to the translation gain of RM259.2 million (1Q FY 2012 — loss of RM271.7 million) on foreign currency denominated borrowings and higher contributions from all major segments other than the plantation segment," said IOI Corp in a filing to Bursa Malaysia today (Monday).

On future prospects, IOI said: "The plantation segment continues to face challenges on manpower constraints and prevailing lower CPO prices. However, the segment is expected to still perform well in the medium term with resilient demand from the food sector, price competitiveness, higher consumption in emerging market and expected recovery in palm oil prices in early 2013."

The group also said the local property market outlook remains positive, especially in the landed property segment. It anticipates stronger sales with more launches in the current financial year.

In Singapore, the continued resilient performance of the mass market segment will ensure that the group's recent mass market projects continue to perform well, IOI said in its filing.

"However, the high-end market segment is still affected by uncertainty in the global economic environment and cooling measures introduced by the government of Singapore," it added.

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