KUALA LUMPUR, June 1 (Xinhua) -- Malaysia-based Sime Darby Plantation has seen its profit tripled in the first quarter ended March 31, underpinned by higher revenue.

The firm said in a bourse filing that its net profit jumped to 211 million ringgits (44.8 million U.S. dollars) in the first quarter of this year from 69 million ringgits a year ago. The firm's revenue for the quarter increased by 6.71 percent year on year to 4.34 billion ringgits.

In the near term, the group expects crude palm oil (CPO) price to remain supported due to continued geopolitical tensions and the anticipated effects of extreme weather events in producing countries, which may impact the supply of vegetable oils globally.

Through the group's concerted efforts to rehabilitate its Malaysian upstream operations and accelerate its mechanization and automation efforts, the firm anticipates continued growth in fresh fruit bunch production in 2024.

Barring any unforeseen circumstances, the group is cautiously optimistic as it looks ahead to another satisfactory performance in FY 2024. (1 ringgit equals 0.21 U.S. dollar) Enditem

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