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James Ng

The Group’s revenue for the financial period ended 31 March 2018 declined by 16.5% to RM3.60 billion compared to the previous period. Profit from Plantation Sector decreased to RM18.29 million from RM47.35 million in previous period mainly attributed to lower average CPO price realised of RM2,472 per mt compared to RM3,061 per mt in 2017 despite higher sales volume. Lower profit was also reported in kernel crushing and R&D business due to lower margin achieved in both segments coupled with reduction in sales volume for planting materials in R&D business. In addition, the share of results from joint ventures dropped to RM11.26 million losses from a profit of RM3.56 million in previous financial period.

Group revenue for the first quarter ended 31 March 2018 decreased by 14.8% to RM3.60 billion compared to preceding quarter while profit before zakat and taxation for the Group dropped to RM26.22 million from RM212.79 million in the preceding quarter mainly due to lower contribution from Plantation Sector in current quarter and one-off gain on disposal of long term investment of RM73.13 million recognized in preceding quarter.

The Board acknowledged there are market challenges ahead.

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James Ng

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