Genting Plantation Bhd (GPB) posted a higher pre-tax profit of RM439.7 million for the financial year ended Dec 31,
2010 compared with RM301.93 million registered in 2009.

Revenue jumped to RM988.5 million, during the period under review, from RM755.5 million previously.

The stronger 2010 results were principally due to higher palm product prices and a three per cent, year on year, increase in fresh fruit bunch production, as well as gains accrued from dilution of shareholdings.

In a statement, GPB said contribution from the group's property segment was also higher in 2010, with revenue and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) up one per cent and 49 per cent, respectively, from the previous year due mainly to higher sales and completion of certain phases of ongoing projects.

The biotechnology segment recorded bigger losses last year mainly because of higher operational expenses incurred and foreign exchange losses.

On outlook, Genting Plantation said prevailing favourable palm product prices and anticipated increase in crop production were expected to underpin improvement in the group's performance in the current financial year.

A special dividend of three sen, per ordinary share of 50 sen
each, less 25 per cent tax, was declared.

A final dividend of 5.5 sen per ordinary share of 50 sen each, less 25 per cent tax, has been recommended for last year. -- Bernama