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MALAYSIA'S HIGHLANDS & LOWLANDS POSTS US$27.4 MLN YR PROFIT.

AsiaPulse News

| March 03, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

KUALA LUMPUR, March 3 Asia Pulse - Highlands & Lowlands Berhad (KLSE:HILO) has recorded group pre-tax profit of RM104.223 million (US$27.43 million) for the year ended 31 December 2002, down from RM241.424 million in the previous year.

It noted that the group's result for the previous year includes a gain of RM186.085 million on the sale of land held for development.

Excluding the gain on sale of land held for development, the results of the group for the year under review as compared to that of the previous year, increased by about 88 per cent, it said in a statement.

It said contributions from plantations for the year under review rose significantly due to higher prices achieved for palm products.

The average prices realised for palm oil and palm kernel were RM1,239 per tonne and RM653 per tonne respectively as compared to RM833 per tonne and RM433 per tonne for the previous year.

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