KUALA LUMPUR, (Nov 26): PPB Group Bhd’s third quarter net profit rose 4.41% to RM411.57 million, from RM394.18 million a year ago, thanks to higher profit contribution from associate Wilmar International Ltd.

Revenue for the quarter ended Sept 30, 2020 fell 13.17% to RM1.04 billion, from RM1.19 billion a year earlier, the group’s filing with Bursa Malaysia showed.

Despite the drop in revenue, the group said its profit contribution from Wilmar increased by RM67 million to RM409 million.

PPB’s grains and agribusiness profit dropped to RM49 million from RM54 million a year ago, due to lower sales of flour and feed.

Its film exhibition and distribution recorded a loss of RM28 million, versus a profit of RM16 million previously.

On a quarter-on-quarter basis, PPB’s net profit grew 23.69% from RM332.73 million in the second quarter, while revenue increased 8.73% from RM953.34 million.

For the nine months ended Sept 30, the group’s net profit climbed 16.07% to RM931.57 million, from RM802.61 million a year earlier, which was mainly attributable to higher contribution from Wilmar at RM855 million.

Nine-month revenue, however, dropped 12.71% to RM3.06 billion, from RM3.5 billion in the same period last year, mainly attributable to lower revenue recorded by the film exhibition and distribution segment.

PPB said the Covid-19 pandemic will continue to weigh on its film exhibition and distribution business and property segment.

“The other main business segments, which are mainly in the production and distribution of staple food and services, are expected to perform satisfactorily,” it said.

It added that Wilmar's performance will continue to contribute substantially to the overall profitability of the group.

PPB’s share price closed four sen or 0.21% lower at RM18.8, valuing the group at RM26.75 billion.