KUALA LUMPUR (April 27): Sarawak Oil Palms Bhd’s net profit for its first quarter ended March 31, 2016 (1QFY16) surged by 359.3% to RM25.03 million, from RM5.45 million in the corresponding period a year ago.

The sharp jump on profit was attributed to higher sales volume of palm oil products and gain on fair value changes of RM16.7 million from outstanding derivatives contracts.

The plantation group registered quarterly revenue of RM1.035 billion in 1QFY16, an increase of 64.2% from RM630.9 million in 1QFY15.

In a filing with the bourse, it said, “The performance of the Group would continue to be driven by the palm products’ price movement, which is dependent on the world edible oil market, movement of ringgit and economic situation.”

Source: The Edge Market – http://www.theedgemarkets.com/my/article/sarawak-oil-palms-q1-net-profit-more-triples-rm25m