Malaysian plantations-to-property company Sime Darby swung back to the black after two consecutive quarters of losses and posted a 4.4 per cent fall in first-quarter profit.

Sime, the world's top palm oil producer by land ownership, earned RM654.7 million (US$209 million) during the quarter, compared with RM684.6 million a year ago.

The company was plagued by write-downs and loss provisions in its last fiscal year, leading to the company's first ever quarterly net loss.

Sime subsequently shook up its senior management, placing its then chief executive Ahmad Zubir on leave and appointing Datuk Mohd Bakke Salleh as acting CEO.

Sime also said it targets to earn RM2.5 billion in profit after tax and minority interests for FY 2011 and achieve 11.5 per cent return on average shareholders' funds. - Reuters