This study seeks to examine, (1) the effect of ROA, ROE and ROCE on stock return for plantation companies listed on the Main Board of Bursa Malaysia, in two distinct economic periods, prior to (2004-2006) and during (2007-2008) an economic recession and, (2) the resiliency of the plantation industry in Malaysia. Simple linear regression was used in analyzing the data. It was revealed that ROE had the highest explanatory power in explaining the variation in stock returns. ROA and ROCE were discovered to have a positive and significant relationship to stock returns only during the economic period prior to a recession. It was also discovered that the plantation industry in Malaysia is very resilient and is not adversely affected by an economic recession.