KUALA LUMPUR, Aug 30 — Sime Darby Bhd., the world’s biggest listed palm oil producer, said fourth-quarter profit rose 19 per cent after booking a gain from selling part of its health- care business.

Net income was RM1.31 billion, or 21.81 sen a share, in the three months ended June 30, from RM1.1 billion, or 18.29 sen, a year earlier, the Kuala Lumpur-based company said today in a statement. Revenue fell about 7.8 per cent to RM12.9 billion.

Sime said it booked a RM340 million gain from selling a 50 per cent stake in Sime Darby Healthcare to Ramsay Health Care Ltd., Australia’s biggest operator of private hospitals. While full-year profit dropped 11 per cent to RM3.7 billion from a year ago on lower palm oil prices, it still exceeded Sime’s target of RM3.2 billion, according to the statement.

“The group is currently in a strong position to continue delivering growth,” Chief Executive Officer Mohd Bakke Salleh said in the filing. “We remain steadfast in our efforts to expand profit pools through organic growth via improved operating efficiencies, while continuing to explore other growth opportunities.”

Profit from plantations dropped 51 per cent to RM399.4 million on lower prices. Sime fetched an average RM2,250 a metric ton for its palm oil in the quarter, compared with RM3,010 a year earlier, the company said.

Price slide

Palm oil, the world’s most-used edible oil, tumbled last month to the lowest level since October 2009 as supplies outpaced demand. IOI Corp. and Kuala Lumpur Kepong Bhd., Malaysia’s second and third largest plantation companies by market value, also reported lower earnings.

Sime shares rose 0.1 per cent to RM9.40 as of 3pm in Kuala Lumpur after the earnings announcement. The stock is down 1.3 per cent this year, lagging a 1.9 per cent gain in the benchmark FTSE Bursa Malaysia KLCI Index.

The group’s industrial division posted flat profits of RM369.7 million, with stronger performances at its Australasian, Malaysian and China operations. Earnings from property almost doubled to RM301.5 million on higher sales, while contributions from energy and utilities dropped 26 per cent to RM40.2 million, Sime said. — Bloomberg