Palm | Kelapa Sawit

KUALA LUMPUR, Aug 26 (Reuters) - IOI Corp , Malaysia's second-largest palm oil producer, reported an 18 percent fall in quarterly net profit, hit by lower palm oil prices and an impairment charge on a property project.
IOI Corp said it wrote down the value of a Singapore property development by 242.8 million ringgit ($68.86 million) in the fourth quarter. Average crude palm oil price realised in the quarter fell 27 percent from a year ago to 2,455 ringgit a tonne.
The company, which plans to raise up to 1.22 billion ringgit via a rights offering this year, said the outlook for fiscal 2010 was tied to the global economic recovery.