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KUALA LUMPUR, Aug 18 - Malaysia's Sime DarbyPlantation reported a second consecutive quarterly netprofit on Wednesday, on higher palm oil prices, and said that itexpects prices — which have scaled record highs in recent weeks— to remain firm.
Its net profit rose to 617 million ringgit ($145.78 million)for the April-June period, from 378 million ringgit a year ago.Improved production in its Indonesian operations also aided theupbeat results.
Revenue at the world's largest palm planter by land sizerose 37% to 4.41 billion ringgit ($1.04 billion).
The company, in a bourse filing, said it expects a"promising" performance for the financial year ending Dec 31.
"The Group is on track to achieve its financial targets forthe financial year 2021, despite the challenges posed by theCOVID-19 pandemic and the national level lockdown," ChairmanMegat Najmuddin Megat Khas said.
Plantations in Malaysia have been hit by a prolonged labourshortage that have clipped output, but Sime Darby said theimpact is expected to be mitigated by higher palm fruitproduction in its Indonesia and Papua New Guinea operations dueto better weather conditions.
"Thus, fresh fruit bunch production for the financial year2021 is expected to remain comparable to FY2020," the firm said.
"With the continued impact of labour shortages on Malaysia'scrude palm oil production as well as tight global vegetable oilinventory levels, the Group expects prices to remain firm," itadded. REUTERS