Glenealy Plantations (M) Bhd's pre-tax profit for the third quarter ended March 31, 2011 surged to RM35.4 million from RM18.1 million in the same period last year.

Revenue jumped to RM69.14 million from RM54.51 million previously, it said in a filing to Bursa Malaysia today.

The group achieved an earnings before interest, tax, depreciation and amortization of RM44 million.

Glenealy said palm oil production was expected to pick up in the next few months due to a recovery from biological stress experienced in the previous periods.

'The price may see some correction but the outlook remains stable due to tight vegetable oil and grains stocks worldwide,' it said. - Bernama