IOI Q3 net profit dives on forex loss (ext: BT)

IOI Corp, Malaysia’s No 2 palm oil producer by market value, posted a 94 per cent drop in third-quarter net profit, hit by translation losses on its foreign debt and lower crude palm oil prices.

The company also flagged lower results for the current fiscal year.

“The global economic slowdown which is now affecting Malaysia will no doubt make the current year a challenging period for business corporations,” said IOI Corp in a results statement today.

IOI Corp, which owns oil palm estates in Malaysia and Indonesia, said net profit for the third-quarter to March plunged to RM37.36 million (US$10.54 million) compared with RM601.58 million in the year-ago period.