KL Kepong pre-tax profit falls to RM1.56b

KUALA LUMPUR, Nov 21 – Kuala Lumpur Kepong Bhd’s (KL Kepong) pre-tax profit for financial year ended Sept 30, 2012 fell to RM1.56 billion from RM2.07 billion in the same period last year.

Revenue declined to RM10.57 billion from RM10.743 billion previously, it said in a filing to Bursa Malaysia today.

For the fourth quarter ended Sept 30, 2012, its pre-tax profit declined to RM472.77 million from RM599.25 million in the same quarter of 2011.

KL Kepong said the slowdown in global economy had affected the effective demand for palm oil and was one of the causes for the stocks build-up and large discounts to competing oils.

“With the continuing uncertainties in the global economy and the bearish product prices, the plantations profit for the current financial year is expected to be lower than that of the previous year even though the crop production is anticipated to be higher,” it said. – Bernama