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KUALA LUMPUR: IOI Corporation Bhd posted a pre-tax profit of RM2.55 billion for its financial year ended June 30, 2010 (FYE 2010), up 65% from RM1.55 billion recorded in the previous year.
It said on Tuesday, Aug 24 that the higher profit is due mainly to unrealised translation gain on long-term dollar-denominated borrowings of RM395.8 million (FYE 2009- unrealised loss of RM315.3 million) and no further impairment loss at the jointly controlled property entity in Singapore (FYE 2009 – loss of RM258.6 million)
The property segment recorded an operating profit of RM602.9 million for FYE 2010, an increase of 29% compared to RM467 million recorded for FYE 2009.
Compared to FYE 2009, the resource-based manufacturing segment reported a 59% increase in operating profit for FYE 2010, while its plantation segment reported a 31% decrease in operating profit for financial year under review.
For the fourth quarter (4Q) FYE 2010, IOI posted a pre-tax profit of RM618 million, slightly higher than the RM612.8 million posted for 4Q FYE 2009.
Meanwhile the property segment reported an operating profit of RM190.8 million for 4Q FYE 2010, down 28% from the RM266.6 million for the same corresponding period in FYE 2009.
The lower profit of its property segment, said the group is due to lower appreciation in value of its investment properties
Its manufacturing segment saw a 28% lower operating profit for 4Q FYE 2010 than 4Q FYE 2009. The plantation segment reported a 6% increase in operating profit as compared to 4Q FYE 2009.
Despite signs of global economic slowing down, the group said it is optimistic that it will perform satisfactorily in the new financial year.
The group declared a second interim single tier dividend of 10 sen per ordinary share of RM0.10 each in respect of FYE 2010.
The dividend will be payable on Oct 7, 2010.
It said on Tuesday, Aug 24 that the higher profit is due mainly to unrealised translation gain on long-term dollar-denominated borrowings of RM395.8 million (FYE 2009- unrealised loss of RM315.3 million) and no further impairment loss at the jointly controlled property entity in Singapore (FYE 2009 – loss of RM258.6 million)
The property segment recorded an operating profit of RM602.9 million for FYE 2010, an increase of 29% compared to RM467 million recorded for FYE 2009.
Compared to FYE 2009, the resource-based manufacturing segment reported a 59% increase in operating profit for FYE 2010, while its plantation segment reported a 31% decrease in operating profit for financial year under review.
For the fourth quarter (4Q) FYE 2010, IOI posted a pre-tax profit of RM618 million, slightly higher than the RM612.8 million posted for 4Q FYE 2009.
Meanwhile the property segment reported an operating profit of RM190.8 million for 4Q FYE 2010, down 28% from the RM266.6 million for the same corresponding period in FYE 2009.
The lower profit of its property segment, said the group is due to lower appreciation in value of its investment properties
Its manufacturing segment saw a 28% lower operating profit for 4Q FYE 2010 than 4Q FYE 2009. The plantation segment reported a 6% increase in operating profit as compared to 4Q FYE 2009.
Despite signs of global economic slowing down, the group said it is optimistic that it will perform satisfactorily in the new financial year.
The group declared a second interim single tier dividend of 10 sen per ordinary share of RM0.10 each in respect of FYE 2010.
The dividend will be payable on Oct 7, 2010.
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