Kretam Holdings Bhd’s net profit for its second quarter ended June 30, 2010 (2QFY10) dipped 19% to RM8.33 million from RM10.27 million a year ago on the back of a revenue that decreased marginally to RM31.79 million from RM32.98 million.
Earnings per share were 4.48 sen versus 5.52 sen a year earlier. Net asset per share stood at RM1.62.
In a filing to Bursa Malaysia yesterday, the group said the lower revenue in 2Q was due to a slight decrease in palm oil prices.
On its prospects, the group said it expected fresh fruit bunch production to be “somewhat affected” by dry weather in the early part of the year.
“This is expected to affect many other oil palm growers in Malaysia, and should therefore lead to tighter supplies of vegetable oils on the global market, resulting in stable, if not higher, CPO prices,” it noted.
This article appeared in The Edge Financial Daily, July 27, 2010.
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