The conglomerate, whose interests stretch beyond palm oil into areas such as property, announced a net profit of RM1.32 billion (US$315.98 million) for the quarter that ended in September, up from its restated earnings of RM522 million in the corresponding quarter a year ago.

Revenue for the quarter stood at RM8.14 billion, versus restated revenue of RM6.93 billion for the same time last year.

“At the plantation division, higher fresh fruit bunch production supported by higher crude palm oil prices realised increased earnings,” Sime Darby said in a statement.

“The group also recognised gains on disposal of properties.”

Sime Darby’s plantation division saw its profits jump by more than four times, boosted by land sales and as palm fruit output recovered from the lingering effects of a strong El Nino weather pattern in 2015 and 2016, which brought dry conditions to swathes of Southeast Asia.

Profits at the company’s property division more than doubled on the back of stake disposals in two other property companies.

Sime Darby announced in August it was on track to spin-off and list its plantations and property businesses by year-end after some restructuring activity.

The company on Wednesday announced Nov 30 as the tentative listing date for its plantation and property units.

Benchmark palm oil prices were up 0.6% at RM2,747 a tonne at the midday break today.

The group reported its quarterly results during the Kuala Lumpur stock exchange’s midday break. Its shares were trading 0.9% lower before the break, underperforming the benchmark index which was down 0.1%.