KUALA LUMPUR (June 26): IJM Plantations Bhd has recorded its second consecutive loss-making monetary yr, with a internet lack of RM63.42 million arising from whole internet international alternate (foreign exchange) losses of RM87.11 million.
For the earlier monetary yr ended March 31, 2019 (FY19), IJM Plantations had posted a internet lack of RM36.34 million.
In a submitting with Bursa Malaysia at present, IJM Plantations stated income grew 17.16% to RM739.13 million in FY20, from RM630.9 million in FY19.
Regardless of the larger loss, the group has proposed an interim dividend amounting to 2 sen per share, payable on Aug 18.
For the fourth quarter of FY20, IJM Plantations reported a internet lack of RM76.39 million versus a internet revenue of RM13.52 million a yr earlier, weighed down by a RM100.68 million internet foreign exchange loss. Within the year-ago fourth quarter, IJM Plantations had recognised a RM9.73 million foreign exchange acquire.
“The general monetary efficiency of the group within the quarter was severely affected by the numerous weakening of the rupiah in opposition to the US greenback and the Japanese yen,” IJM Plantations stated.
Quarterly income, nonetheless, was 18.56% greater at RM195.39 million, from RM164.eight million final yr, as a consequence of greater commodity costs.
On prospects, IJM Plantations stated the group will proceed to face price pressures primarily from wage will increase, the uncertainty of commodity costs and the volatility of foreign exchange charges, notably that of the rupiah in opposition to the US greenback and the yen.
Coupled with the disruptive implications of the Covid-19 pandemic, the group expects a difficult monetary yr forward.
Shares of IJM Plantations closed seven sen or 4.4% greater at RM1.66 at present, valuing the counter at RM1.46 billion.