KUALA LUMPUR: PPB Group Bhd posted net profit of RM1.12 billion in the first quarter ended March 31, 2010, as earnings were boosted by the completion of disposal of the group's sugar-related assets compared with RM271.83 million a year ago.

It said on Monday, May 24 the completion of disposal of the group's sugar-related assets in early January 2010 resulted in a gain of RM838 million recognised in the first quarter under review.

"Group revenue of RM504 million for the first quarter ended 31 March 2010 was marginally higher than the RM495 million in the same period last year," it said.

The increase was mainly due to higher revenue recorded by the film exhibition and distribution division, off-set by lower revenue from the environment engineering, waste management and utilities division as no new contracts were secured during the quarter.

"Group profit before tax of RM303 million represents an increase of about 14% over the corresponding period last year. Despite lower flour selling prices, the flour and feed milling division contributed higher profits due to lower raw material costs whilst film exhibition and distribution registered higher profits arising from higher admissions due to better movie titles released," it said.

Earnings per share were 94.93 sen versus 22.93 sen.