KUALA LUMPUR (Aug 25): Sarawak Oil Palms Bhd's second quarter net profit almost doubled to RM67.06 million from RM33.56 million a year earlier due to improved fresh fruit bunches (FFB) production.

Revenue for the quarter ended June 30, 2017 grew 27.6% to RM1.22 billion from RM953.60 million in the previous April-June quarter, the group said in a filing today.

Higher FFB output also helped the group's net profit for the cumulative first half of the year jump 131.4% to RM135.60 million from RM58.60 million in the previous first half.

The jump also came on the back of an improvement in average palm products' realised price and fair value gain on derivative financial instruments, said Sarawak Oil Palms.

Cumulative revenue grew 17.3% to RM2.33 billion from RM1.99 billion.

"The performance of the group would continue to be driven by the FFB production and palm products price movement which is dependent on the world edible oil market, movement [of] the ringgit and economic situation," the group said.

Sarawak Oil Palms' share price closed three sen or 0.83% lower at RM3.59 for a market capitalisation of RM2.05 billion.