IOI quarterly profit jumps 77pc on palm oil price gain
Friday, 16 November 2007
IOI Corporation, the world's largest publicly traded palm oil producer, said first-quarter profit surged 77 per cent as the price of the commodity jumped according to Internet.
Net income advanced to 451.5 million ringgit ($134 million), or 7.37 sen a share, in the three months ended Sept. 30, from 255.7 million ringgit, or 4.22 sen, a year earlier, Putrajaya, Malaysia-based IOI said in a statement today. Sales rose to 3.12 billion ringgit from 1.9 billion ringgit.
The price of palm oil, used in cooking and as a fuel additive, has jumped 77 per cent in the past year on rising demand from China and India. IOI has said it's seeking more land to develop estates in Malaysia and Indonesia, which together account for about 85 per cent of global output.
Net income advanced to 451.5 million ringgit ($134 million), or 7.37 sen a share, in the three months ended Sept. 30, from 255.7 million ringgit, or 4.22 sen, a year earlier, Putrajaya, Malaysia-based IOI said in a statement today. Sales rose to 3.12 billion ringgit from 1.9 billion ringgit.
The price of palm oil, used in cooking and as a fuel additive, has jumped 77 per cent in the past year on rising demand from China and India. IOI has said it's seeking more land to develop estates in Malaysia and Indonesia, which together account for about 85 per cent of global output.