Malaysia's Sime Darby 3Q Net Profit Up 5.4% at MYR699.00 Million

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysia's Sime Darby Bhd. (4197.KU), the world's largest palm oil planter by land size, said Wednesday its net profit for its financial third-quarter ended March rose 5.4% compared with a year ago as the performance of its plantation, industrial and motor businesses improved.

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Net profit for the January-March period climbed to 699 million ringgit ($163 million) from MYR663 million in the same quarter a year earlier, according to financial statements in its local stock exchange filing.

Revenue climbed 21.7 % to MYR12.45 billion during the quarter from MYR10.23 billion last year, according to the filing.

The conglomerate, which also sells cars and runs hospitals, said its board expects the company's performance for the financial year ending June this year to be satisfactory.

Sime Darby had plans to spin off its units to unlock value, starting with its plantations business followed by the property business.

"The listing of pure plays is on-track," Sime Darby's president and group chief executive Mohd Bakke Salleh said in a press statement.

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Shares of Sime Darby ended the morning trading session 0.2% lower at MYR9.32 prior to the earnings release. The stock has climbed some 15% year-to-date.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

May 31, 2017 01:25 ET (05:25 GMT)