Malaysian plantation conglomerate Sime Darby said Friday its net profit slumped by half in July-September because of
"challenging market conditions" for most of its businesses.
The world's largest listed palm oil producer by acreage said net profit for its fiscal first quarter came in at RM516.2 million (US$159.1 million), down 50.3 per cent from the same quarter last year.
It also recorded revenue of RM10.76 billion, down 8.4 per cent.
Profit was hit by weaker average crude palm oil prices and a 16 per cent drop in fresh fruit bunch production caused largely by a shift in cropping patterns and a delay in peak cropping in Indonesia, it said.
Sime Darby's other business, such as its industrial, motors and property division, also suffered from falling sales.
For the financial year, Sime Darby said it targeted a net profit of RM2.8 billion, taking into account the "uncertainties in the global economic environment, as well as the volatility in commodity prices".
For the financial year to last June Sime Darby posted a net profit of RM3.7 billion, down 11 per cent year on year
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