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Article: S'pore impairment hits IOI Q4 profit

Article from:
New Straits Times
Article date:
August 27, 2009
Copyright

New Straits Times
08-27-2009
S'pore impairment hits IOI Q4 profit
Edition: Main/Lifestyle
Section: Business Times
Type: News

MALAYSIA'S second largest palm oil producer IOI Corp Bhd posted an 18 per cent fall in net profit for its fourth quarter as it had to account for the lower value of its property project in Singapore.

The group, owned by the family of Tan Sri Lee Shin Cheng, expects a challenging period for the current year that ends on June 30 2010.
"Nevertheless, if the economy and business conditions show an improvement in year 2010 as is widely expected, the group is optimistic that it will perform better in the new financial year," IOI said in a statement to Bursa Malaysia.

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