Malaysia’s Sime Darby (SIME.KL), the world’s biggest palm oil company, posted a 21 percent drop in first-quarter profit due to lower crude palm oil prices.
Sime Darby, the world’s top palm oil producer by land ownership, posted a net profit of 685 million ringgit for the July-September quarter, compared with 867 million a year ago.
Global prices of crude palm oil, widely used as a cooking oil, are just recovering from a low of 1,331 ringgit reached in October last year and according to some analysts, could rise by more than a third to 3,000 ringgit a tonne in 2010.
The conglomerate’s shares have risen 72 percent this year, against the 45 percent gain in the broader market.
Sime Darby, the country’s largest company valued at about $16 billion, is almost 70-percent owned by the Malaysian government and various state funds.
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