United Plantations Bhd posted a net profit of RM123.59 million for the second quarter ended June 30, compared with a net profit of RM75.94 million in the previous corresponding quarter on higher contributions from its plantations and refinery segments.
“Consequently, the profit before tax of this segment surged by 58.3% in the current period. Revenue for the segment increased by 19.2% to RM396.6 million in the current period from RM332.8 million in the corresponding period, mainly due to higher group CPO and PK production, and higher group CPO and PK average prices,” it said.
United Plantations recorded RM400,000 in foreign exchange gains from rupiah-denominated loans extended to Indonesian subsidiaries in the current period, compared with foreign exchange gains totalling RM1.3 million reported in the previous corresponding period. On its outlook, the group said it is difficult to predict the results for 2020 as much could still happen.
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