KLK Berhad reported its third quarter earnings with profit before taxation improving significantly to RM363.0 million (3QFY2023: profit RM74.5 million) whilst revenue increased by 7.6% to RM5.503 billion (3QFY2023: RM5.114 billion). Profit after tax for the quarter was RM269 million substantially higher compared to the previous years quater three of RM107 million
The group said plantation profit more than doubled to RM363.4 million (3QFY2023: profit RM125.9 million) driven by better CPO and PK selling prices
Manufacturing
Despite higher loss recorded by the refineries and kernel crushing operations, Manufacturing segment posted to a profit of RM23.2 million (3QFY2023: loss RM73.7 million) underpinned by higher revenue of RM4.465 billion (3QFY2023: RM4.315 billion) and improved profit contribution from Oleochemical division.
Property Development
Although revenue was 27.0% higher at RM78.2 million (3QFY2023: RM61.6 million), Property segment's profit fell marginally to RM18.7 million (3QFY2023: profit RM19.3 million) mainly due to recognition of development profits from phases with lower gross margin.
Investment Holding/Others
This segment incurred a higher loss of RM62.7 million (3QFY2023: loss RM36.8 million) mainly attributable to higher net interest expense resulted from an increase in borrowings.
YTD profit was however still lower compared to the FY23 at RM686 million against RM821 million.