KUALA LUMPUR, May 21 — IOI Corporation Bhd’s net profit for the third quarter ended March 31, 2021 (Q3) soared to RM401.3 million from RM100,000 in the same period a year ago.

Revenue rose to RM2.86 billion from RM2.03 billion recorded in the same quarter previously.

In a filing to Bursa Malaysia, it said the plantation segment recorded a profit of RM185.9 million in Q3 of its financial year ended June 30, 2021 (Q3FY21), up 12 per cent from Q3FY20, due mainly to higher crude palm oil (CPO) and palm kernel prices realised, but partly offset by lower fresh food bunches production.

On the prospects, IOI Corp said the group anticipates its overall financial performance for Q4 2021 to remain good, supported by high CPO price and increase in crop production from the plantation segment, as well as the expected demand improvement in the resource-based manufacturing segment as the global economy recovers gradually.

"For our plantation segment, in line with the seasonal trend, our crop production is expected to recover in Q4 2021, coupled with the expectation of strong CPO price,” it said.

"As for the oleochemical sub-segment, sales margin is expected to be affected by the high palm oil and palm kernel oil prices,” it added.

At the close today, IOI Corp’s shares rose three sen to RM4.10, with 1.44 million shares traded. — Bernama