IOI Corp Q1 net profit tumbles 40% to RM168mil

IOI Corp Q1 net profit tumbles 40% to RM168mil

9 hours ago

PETALING JAYA: IOI Corporation Bhd’s (IOI) net profit for the first quarter ended Sept 30 (Q1FY2023) tumbled 39.7% to RM167.5 million from RM277.6 million a year ago.

Its revenue grew marginally by 1% to RM3.67 billion from RM3.63 billion a year earlier, according to IOI’s filing with Bursa Malaysia.

These were attributed to lower contribution from their plantation division which saw lower production of fresh fruit bunch (FFB) and higher cost of production alleviated by higher crude palm oil (CPO) prices.

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