KUALA LUMPUR: The trading stock of United Plantations Bhd picked up in morning trade following the release of strong quarterly earnings.
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The share rose 52 sen or 3.09% to RM17.34 at the start of Friday trading as the company announced another quarter of year-on-year earnings growth.
For the third quarter, the plantations firm said net profit rose to RM235.68mil from RM196.72mil in the year-ago quarter.
This represented an earnings per share of 56.82 sen, up from 47.43 sen.
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It said revenue fell to RM540.16mil in the quarter under review, down from RM649.62mil in the previous corresponding quarter.
The board of directors declared an interim dividend of 40 sen per share to be paid on Dec 14, 2023.
Over a nine months basis, the company’s net profit was RM506.79mil, up from RM441.05mil in the same period in 2022 while revenue dropped to RM1.47bil from RM1.99bil on the back of lower palm kernel (PK) prices.
-TheStar