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Nikkei Markets

Sime Darby Plantation's net profit drops 10% on weaker price

Analysts said earnings may have bottomed in June, prices headed higher now

A move by the European Union to limit use of palm oil in biofuel over allegations of deforestation and unsustainable farming practices have threatened demand for the tropical commodity.   © Reuters

KUALA LUMPUR (Nikkei Markets) -- Sime Darby Plantation, the world's largest palm oil producer by acreage, said Friday its net profit fell 10% in the second quarter due to weaker prices and lower downstream earnings.

Net profit for the three months ended Jun. 30 totaled 27 million ringgit ($6.39 million) compared with 30 million ringgit over the same period last year, Sime Darby Plantation said in an exchange filing. Quarterly revenue declined 6.5% year-on-year to 2.88 billion ringgit from 3.08 billion ringgit.

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