KUALA LUMPUR: IOI Corporation’s results for the first quarter ended Sept 30, 2017 (Q1, FY18) were broadly in line with CIMB Equities Research and consensus earnings.It said on Monday core net profit rose 9% on-year, thanks to higher downstream and associates earnings.“Reported net profit benefitted from a forex gain of RM69mil on its US$ debt in 1QFY18. We are positive on its plan to sell its 70% stake in Loders for RM3.94bil. Manufacturing EBIT (ex-FV derivatives gain/loss) grew 232% due to higher profit margins from the oleochemical and refining segments.However, this was offset by a weaker plantation performance and contribution from Loders (-87% on-year). We expect IOI Corp’s share price to be supported by its rich assets and potential special dividend of 13 sen a share from the sale of a 70% stake in Loders. Key upside/downside risks are higher/lower CPO prices and FFB output,” it said.

Source: The Star November 20, 2017 00:33 UTC