KUALA LUMPUR (Jan 11): Durian planter PLS Plantations Bhd’s share price returned to the RM1 level for the first time since June 14, 2021.

At the time of writing, the counter was up six sen or 7% at RM1, giving the group a market capitalisation of RM400 million. PLS shares were thinly traded, however, with just 200 shares done.

PLS has been trending upwards since Dec 16, 2021, gaining about 16.3% since its closing price of 86 sen then.

For the first quarter ended Sept 30, 2021 (1QFY22), the group posted a 102% year-on-year surge in its net profit to RM7.99 million, on the back of a 41% increase in revenue to RM49.85 million.

It attributed the positive performance to improved contribution from fresh fruit bunch sales amid the significant increase in average selling price realised under its plantation segment, coupled with improved sales of frozen durian products under its manufacturing and trading segment.

The performance for the quarter was also supported by progress billing from new projects generated under its construction segment.

On prospects, the group said it remains focused on its core oil palm and durian plantations and its related durian businesses in manufacturing and trading, adding that it has plans to diversify into the downstream segment to increase its revenue and earnings going forward.