OIL palm industry-based Kwantas Corp Bhd has reported a huge jump in net profit for its year ended June 2008, helped largely by higher crude palm oil (CPO) prices and better margins. 
The group reported a net profit of RM191.87 million, a significant improvement from RM93.95 million recorded last year. Its revenue was also higher at RM3.42 billion, compared with RM1.95 billion previously. The group also attributed the good performance to the increased palm and soyabean oil processing volume in China. The oil palm plantations as well as oils and fats processing activities continued to be the major contributor to the group's revenue and profit. The improved performance was primarily attributed to the higher trading volume and selling price of palm products in the current financial year. Kwantas said revenue from its China operations rose to RM263.98 million, or 45 per cent, to RM851.68 million, compared with RM587.7 million in 2007. "The significant increase was due mainly to increased sales in shortening/margarine products and seasonal trading of refined soyabean oil produced by the subsidiary's oils and fats processing facilities in Guangzhou," the company said in a statement.
