KUALA LUMPUR: Hap Seng Plantations Holdings Bhd’s net profit in the financial year ended Dec 31, 2019 (FY19) increased to RM31.45 mil from RM29.11 mil a year earlier.
It said the 8% increase in net profit was due to the reversal of certain deferred tax provision in prior periods. Accordingly, basic earnings per share for the financial year at 3.93 sen was also 8% above the previous year’s 3.64 sen.
Revenue rose to RM418.6 mil from RM390.76 mil previously, it said in a filing with Bursa Malaysia today.
“The crude palm oil (CPO) production and palm oil inventories in the first quarter of FY20 are expected to remain low which may support CPO prices in the near term.
“Hence, the group results for FY20 are expected to be influenced by the uncertainty in the global economic environment, which among others, is affected by the Covid-19 outbreak,” it said on the current year prospects. – Feb 24, 2020, Bernama
