KUALA LUPUR: Plantation firm Kuala Lumpur Kepong Bhd more than doubled its earnings in the first quarter ended Dec 31, as higher selling prices of crude palm oil (CPO) and palm kernel offset the impact of lower output. Net profit rose 114% to RM357.4mil from RM167.2mil a year ago. Revenue was RM4.3bil compared with RM4.08bil previously, the company said in a filing with BVursa Malaysia today. KLK said plantation profit surged 83.3% to RM289mil as the average selling prices of CPO climbed 22.5% to RM2,703 a tonne, while palm kernel was up 37.6% to RM1,716 a tonne. "Plantation profit will improve in FY2021 in view of current buoyant CPO and palm kernel prices," KLK said. Profit from its manufacturing business expanded 67.2% to RM133.7mil largely contributed by China and Europe operations. Its oleochemical division’s profit was 66.9% higher at RM129.2mil. On the Bursa derivatives market today, the CPO futures contract for March 2021 increased RM77 to RM4,015 per tonne, April 2021 surged RM91 to RM3,816 per tonne, May 2021 added RM97 to RM3,632 per tonne, and June 2021 soared RM99 to RM3,470 per tonne.
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