KUALA LUMPUR: Sarawak Oil Palms Bhd's pre-tax profit for the financial year ended Dec 31, 2016 rose to RM188.13 million from RM123.76 million recorded in the same period previously.
Revenue increased to RM4.3 billion from RM3.67 billion recorded in 2015, it said in a filing to Bursa Malaysia today.
The group said the increase in pre-tax profit was mainly due to favourable average realised prices for palm products despite the 11 per cent drop in its fresh fruit bunch production.
Pre-tax profit for the fourth quarter ended Dec 31, 2016, fell to RM50.52 million from RM59.67 million recorded in the same period in 2015.
Revenue decreased to RM1.17 billion from RM1.36 billion previously.
Sarawak Oil Palms said the decrease in profit was mainly attributed to lower volume of kernel products sold. On prospects, the company said its performance would continue to be driven by the movement of the ringgit, palm products prices and the economic situation. -- BERNAMA