IOI Corp Bhd's (1961) net profit for the quarter to March 2010 increased almost 15-fold to RM549 million compared with RM37.3 million a year ago, mainly on higher contributions from the property and manufacturing segments.

In a statement yesterday, the diversified group said the higher profit is also attributable to unrealised translation gain on US dollar-denominated borrowings of RM231.5 million compared with a loss of RM232.4 million in the third quarter of 2009.

"The global economy, and especially the Malaysian economy, has continued to show signs of improvement.

"The group is therefore optimistic that an overall improvement in performance can be recorded for the full financial year," IOI told Bursa Malaysia.
The plantation segment's profit of RM282 million for the third quarter 2010 is in line with the comparable quarter in 2009.

The slightly lower fresh fruit bunch production for the current quarter was cushioned by higher average crude palm oil prices realised.

Average crude palm oil prices realised for third quarter of this year was RM2,480 a tonne compared to RM2,274 a tonne for the third quarter of 2009.

The resource-based manufacturing segment reported an operating profit of RM128.6 million for the third quarter of this year compared to RM109.6 million in the third quarter of 2009.

The property segment's operating profit of RM124.7 million for the third quarter of this year is 76 per cent higher than the profit reported for the third quarter of 2009, contributed mainly by an overall increase in sales.