Friday February 20, 10:24 AM
BRIEF-Malaysia IOI Corp Q2 net profit drops 71 pct
Feb 20 (Reuters) - IOI Corp Bhd:
* Malaysia IOI Corp Q2 net profit 168.586 million rgt versus 581.191 mln rgt
* Q2 revenue at 3.726 billion ringgit versus 3.457 billion
* proposes interim div 3.00 sen versus
7.00 sen
* Translation loss on USD denominated borrowings at 37.354 million versus 212.242 million
* Says downstream business to perform better in current year
* Says in good state to weather softer cpo prices
* Says current FY results to be lower than prior year
* Says entered foreward forex sales and purchase contracts worth 3.26 billion
and 107.7 million rgt on February 13
* Company (CPNY3.SA - news) comment on current year prospect:
'The global economic slowdown which is now affecting Malaysia will no doubt make the current year a challenging period for business corporations. With regard to the Group's upstream plantations business, our higher oil yield, cost efficiency and strong financial position will put us in good stead in facing the softened CPO prices. With the relative stabilisation of feed stock prices and currency exchange rates since December 2008, our downstream manufacturing operations have managed to overcome the problems of customer defaults and currency fluctuations which have affected the business performance earlier. Therefore, going forward, our downstream manufacturing business is expected to perform better again. In line with the dampening economic outlook, we expect a generally subdued property market in the near term. Overall, the Group's results for the current financial year is expected to be lower than the previous.' year's record results but still satisfactory in the light of current conditions. (for related news, please click on)
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