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KUALA LUMPUR: IOI Corp Bhd expects its plantation segment’s financial performance for the financial year ending June 30, 2023 (FY23) to decline due to the drop in crude palm oil (CPO) price from the historical high levels in FY22.

In a filing with Bursa Malaysia yesterday, the group said CPO price, however, could still be significantly higher than its historical average, adding that the financial performance of its plantation segment is expected to be satisfactory.

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For the fourth quarter ended June 30, 2022, IOI’s net profit grew to RM541.80mil from RM359.40mil in the previous corresponding period, while revenue rose to RM3.74bil from RM3.46bil a year earlier.

Basic earnings per share stood at 8.72 sen compared with 5.74 sen previously.