KUALA LUMPUR, Feb 24 — Hap Seng Plantations Holdings Bhd’s net profit in the financial year ended Dec 31, 2019 (FY19) increased to RM31.45 million from RM29.11 million a year ago.
Revenue rose to RM418.60 million from RM390.76 million previously, it said in a filing with Bursa Malaysia today.
It said net profit for FY19 was eight per cent above the preceding year attributable 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 eight per cent above last year of 3.64 sen.
“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.
“Based on the foregoing, the group results for FY20 are expected to be influenced by the uncertainty in the global economic environment, which amongst others, is affected by the COVID-19 outbreak,” it said on the current year prospects. — Bernama
