Malaysia's Sime Darby Plantation posts Q2 profit, sees firm palm prices

Malaysia’s Sime Darby Plantation reported a second consecutive quarterly net profit on Wednesday, on higher palm oil prices, and said that it expects prices, which have scaled record highs in recent weeks to remain firm. It’s net profit rose to 617 million ringgit ($145.78 million) for the April-June period, from 378 million ringgit a year ago. Improved production in its Indonesian operations also aided the upbeat results. Revenue at the world’s largest palm planter by land size rose 37% to 4.41 billion ringgit ($1.04 billion). The company, in a bourse filing, said it expects a “promising” performance for the financial year ending 31 December.