|Bid||2.2900 x 0|
|Ask||2.3000 x 0|
|Day's range||2.2900 - 2.3100|
|52-week range||2.0800 - 2.5400|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||6.65|
|Earnings date||30 May 2018 - 04 Jun 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||4.87|
KUALA LUMPUR (Reuters) -Italian confectionary giant Ferrero said it will stop sourcing palm oil from Sime Darby Plantation after the United States found the Malaysian planter used forced labour, in a reputational blow for the palm producer and for Malaysia. Labour practices across the Southeast Asian country have come under scrutiny in the past two years, with six companies including Sime Darby banned by U.S. customs over forced labour allegations. Palm oil, the most widely used vegetable oil, is a key ingredient in Ferrero Rocher chocolates and Nutella spread, giving the iconic products their smooth texture and shelf life.
Malaysia's Sime Darby Plantation Berhad reported a higher fourth-quarter net profit on Friday, fuelled by rising prices of palm oil, and said it expected production to pick up in the second half of this year. Profit for the October-December period rose to 468 million ringgit ($112 million) from 149 million ringgit a year earlier, while revenue climbed 53% to 5.55 billion ringgit. Malaysian plantations have suffered a severe labour crunch worsened by pandemic-induced border closures, which cut production and pushed benchmark prices of crude palm oil to records.
Malaysia's palm oil producers are racing to adjust to an acute shortage of workers due to the coronavirus and sharply higher costs of recruitment as they make changes in response to accusations of forced labour. The country, second only to Indonesia in palm oil production, has become more competitive in recent months due to higher export levies imposed by its southern neighbour.