Malaysia's Sime Darby Berhad, the world's largest listed palm oil producer, said Thursday its annual profits had plummeted due to huge overruns in its energy and utilities division.

For the full year ended June 30, the state-controlled palm-oil-to-property conglomerate said net profits fell to 726.8 million ringgit (227 million dollars) from 2.28 billion ringgit the previous year.