A fair value surplus of RM324.3mil derived from the deemed disposal of an associate, Aura Muhibah Sdn Bhd, also helped KLK to achieve the strongest quarterly net profit in 22 quarters. The plantation giant reported yesterday that its net profit for Q3 of financial year 2021 (FY21) came in at RM783.94mil, as compared to RM368.7mil in the same quarter a year earlier. KLK said its plantation segment registered a higher profit, driven by higher crude palm oil (CPO) and palm kernel (PK) selling prices in Q3 of FY21. Cumulatively, in the first nine months of FY21, KLK’s net profit surged by over 189% y-o-y to RM1.63bil from RM563.79mil in the previous corresponding period. This was due to a higher net interest expense and lower share of profit from an overseas associate, Synthomer Plc, which had more than offset the higher profit posted by the farming business.

Source: The Star August 18, 2021 21:56 UTC