Malaysia's Sime Darby posts second-quarter profit jump on higher palm prices

Malaysia's Sime Darby Plantation reported on Thursday a sharp rise in second-quarter net profit, as stronger palm oil prices mitigated the impact of the coronavirus pandemic.

The world's largest palm oil planter by land size posted a net profit of 378 million ringgit ($90.67 million) for the April-June period, versus 27 million ringgit in the year-ago quarter. Revenue rose 12% to 3.22 billion ringgit.

"We expect demand to improve in the second half of this year as countries ease lockdown restrictions allowing businesses to replenish stocks," group managing director Mohamad Helmy Othman Basha said.