KUALA LUMPUR, Feb 28 — IOI Corp Bhd’s net profit for the second quarter ended Dec 31, 2022, jumped to RM712.10 million from RM494.70 million recorded in the same quarter in 2021.

Revenue, however, fell to RM3.30 billion from RM4.11 billion previously, the plantation-based group said in a filing with Bursa Malaysia today.

Excluding the non-operating and one-off items, the net profit for the quarter was lower as compared to the same quarter last year, due mainly to lower contribution from the plantation segment, mitigated by higher contribution from resourced-based manufacturing segment:

For the first half of the financial year ended Dec 31, 2022, IOI Corp’s net profit went up to RM879.6 million from RM772.30 million recorded in the first half of the preceding financial year.

Meanwhile, revenue slipped to RM6.97 billion from RM7.74 billion previously.

"For our plantation segment, we expect our fresh fruit bunch (FFB) production to increase from FY2022 with the improved labour conditions, our mechanisation effort and higher crop trend from younger palms.

"However, production costs will remain high due to the high labour, fuel and fertiliser costs. Overall, we expect our plantation segment to perform satisfactorily for FY2023 albeit with lower financial results than FY2022,” it said. — Bernama