KUALA LUMPUR: Far East Holdings Bhd’s (FEHB) net profit jumped 144.67% to RM69.42 million or 49.1 sen a share in the third quarter ended Sept 30, 2016 (3QFY16), from RM28.37 million or 20.07 sen a share a year earlier, on higher average crude palm oil (CPO) and kernel prices

Revenue grew 7.77% to RM99.35 million from RM92.18 million, the group said in a filing.

Far East declared an interim single tier dividend of 10 sen per share payable on Dec 16.

The group said the higher profit and revenue was mainly due to higher average CPO and kernel prices during the period at RM2,496 and RM2,394 per tonne, compared with RM2,174 and RM1,626 per tonne respectively for 3QFY15.

“Higher share of profit from the associated company was mainly due to gain on disposal of land under the Prosper group of companies. The amount recognised under share of profits from the associated company for FEHB group was RM41 million,” it added.

For the cumulative nine-month period (9MFY16), net profit was up 73.46% to RM85.36 million or 60.37 sen per share, from RM49.21 million or 34.8 sen per share in 9MFY15. Revenue rose 3.57% to RM240.07 million from RM231.81 million.

Going forward, FEHB expects to achieve favourable results in view of sustainable crude palm oil prices.

The stock closed down 28 sen or 3.5% at RM7.72  yesterday for a market capitalisation of RM1.09 billion.