KUALA LUMPUR: Kim Loong Resources Bhd’s net profit rose to RM28.38mil in the first quarter of the financial year (FY) 2022 ended April 30, 2021 (Q1 2022), from RM22.90mil posted in the same quarter last year.

       Revenue also surged 55% to RM312.45mil from RM201.36mil for the corresponding period last year, the oil palm plantation group said in a filing with Bursa Malaysia.

       The group said the impressive performance for the current FY was mainly due to higher average selling prices of fresh fruit bunches (FFB) and crude palm oil (CPO) by 80% and 59%, respectively. On the other hand, it said FFB and CPO production were lower by 21% and 4%, respectively. — Bernama“The 1,101.6 hectares (ha) of oil palm plantation lands in Sabah, which the group took possession of in February 2021, contributed about 4,000 metric tonnes (MT) of FFB.

       “Plantation operations did not face difficulties in selling its FFB production as most of the produce was supplied to mills within the group,” it said.