Malaysia's Sime Darby posts 46% rise in Q4 profit

27 August 2008 08:30  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysia’s Sime Darby has posted a record 46% year-on-year growth in its net profits for its fourth quarter ended 30 June to ringgits (M$) 1.1bn ($324.5m) on high crude palm oil (CPO) prices merger synergies and better yields, it said.

Group revenue for the quarter rose 16% to M$ 9.12bn year on year while operating profits for the period rose 31% to M$ 1.38bn it added in a statement late on Tuesday.

Sime Darby’s revenue for the full year stood at M$ 34.04bn, representing a 21% growth from results for fiscal year 2007 while operating profits for the period rose 44% to M$5.1bn from M$3.55bn.

"Sime Darby realised M$210m in merger synergies in the plantation and property businesses, keeping it well ahead of schedule," the company said.

It added that the group had now achieved almost half of the M$ 400-500m in earnings before interest and tax synergies targeted for financial year 2009 and 2010.

"The overall performance of the group is testament to the hard work and commitment put in by everyone since the merger," said Data’Seri Ahmad Zubir Murshid, president and group chief executive.

Murshid added that he expected the global macroeconomic situation to become more challenging but remained confident of continued growth.

($1 = M$ 3.39)

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By: Bohan Loh
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