KLK posts quarterly net profit of RM28mil

KLK expects its profits for the current financial year to be satisfactory, subject to uncertainties arising from the Covid-19 pandemic.

PETALING JAYA: Kuala Lumpur Kepong Bhd’s (KLK) net profit suffered a sharp plunge in the second quarter of financial year 2020 (2Q20) due to unrealised foreign currency exchange losses of RM178.1mil and lower contribution from its property development business.

The plantation giant said in a filing with Bursa Malaysia yesterday that its net profit in the January-March 2020 period fell by 80.5% year-on-year (y-o-y) to RM27.89mil as compared to RM142.96mil a year earlier.