PETALING JAYA: IJM Plantations Bhd swung to the black on a year-on-year (y-o-y) basis with a net profit of RM101.04mil in the second quarter of its financial year ended Sept 30, 2021, as compared to a net loss of RM1.04mil in the year-ago quarter.

       In a filing with Bursa Malaysia, it said earnings per share came to 11.47 sen compared to a loss per share of 0.12 sen in the previous corresponding quarter.

       The planter reported a 41.8% y-o-y increase in revenue to RM299.78mil due to higher commodity prices while its fresh fruit bunch (FFB) production was higher compared to in the comparative quarter mainly due to a recovery in the FFB production of the Indonesia operations.

       Meanwhile, the group also benefited from the strengthening of the rupiah against the United States dollar and Japanese yen, which resulted in net foreign exchange gains of RM7.74mil being recorded on the foreign currency-denominated borrowings.

       This compared to a net foreign exchange loss of RM34.97mil in the second quarter of financial year 2021.On outlook, the group said it is optimistic of a favourable financial performance for the current financial year based on market expectations that palm product prices will remain elevated.

       However, it said this is barring any volatility of the foreign exchange rates, particularly that of the rupiah against the US dollar and Japanese yen, and any adverse weather impact disrupting crop production.