Malaysian palm oil giant Sime Darby said Wednesday its net profit sank 16.2 percent in the fourth quarter due to a decline in its plantation business earnings.
The world's largest listed palm oil producer by acreage said net profit for the three months ended June 30 was 1.10 billion ringgit ($353.2 million) compared with 1.31 billion ringgit during the same quarter a year earlier.
The company remained "mindful of the uncertainties in the business environment as we move ahead amidst volatility in the global economy," Mohamad Bakke Salleh, Sime Darby president and Group CEO, said in a statement.
Revenue for the quarter ending June 30 grew 8.1 percent to 14.12 billion ringgit from 13.06 billion ringgit, it said in a filing to the stock exchange.
The company said the quarterly profit decline came in large part due to a slight decline in fresh fruit production.
For the entire financial year, however, net profit increased 13.0 percent to 4.35 billion, up from 3.85 billion ringgit the previous year, it said.
Revenue for the fiscal year increased to 47.60 billion ringgit from 41.86 billion ringgit.
Sime Darby is involved in plantations, property and healthcare and operates in over 20 countries. It is one of the largest companies on the Malaysian stock exchange, with a market capitalisation of 58.9 billion ringgit.
Source: http://news.yahoo.com/malaysias-sime-darby-q4-profit-down-16-percent-160153113--finance.html
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