Sale of healthcare unit boosts Sime Darby profits

By IVCPOST Staff Reporter

Aug 30, 2013 06:01 AM EDT

Malaysia-based Sime Darby posted profits of 19% in the fourth quarter. The increase was driven by the sale of a portion of its healthcare unit. In a statement, the world's largest producer of palm oil said that they were able to book a gain of MYR 340 million from the sale of half of its stake in Sime Darby Healthcare. The healthcare business was sold to Ramsay Health Care Ltd, an operator of private hospitals in Australia.

From MYR 1.1 billion last year, net income rose to MYR 1.31 billion this year in the three months ending June 30. Lower palm oil prices caused full year profits to drop 11% to MYR 3.7 billion. The profits, however, were still over the company's expected target of MYR 3.2 billion.

In the filing, Sime Darby Chief Executive Officer Mohd Bakke Salleh said, "The group is currently in a strong position to continue delivering growth. We remain steadfast in our efforts to expand profit pools through organic growth via improved operating efficiencies, while continuing to explore other growth opportunities."

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