Quarterly Report For The Financial Period Ended 30 June 2017
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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 2nd Quarter Ended 30 June 2017
Condensed Consolidated Statement of Financial Position
As at 30 June 2017
Review of performance
Quarter under review
Revenue chalked up by 34.8% as crude palm oil ("CPO") selling price upped 3.1% while CPO sales volume increased 48.6% as compared to corresponding quarter in 2016. The better revenue was further underpinned by the improved palm kernel ("PK") and fresh fruit bunches ("FFB") sales volume of 53.0% and 4.3%. However, it was alleviated by lower PK selling price, which dropped by 27.3% as compared to corresponding quarter in 2016.
The Group recorded lower pre-tax loss of RM11.7 million compared to corresponding quarter loss of RM12.7 million, in line with gross profit margin of 0.7% compared to previous year corresponding quarter gross loss margin of 5.1%.
As such, loss after taxation contracted to RM7.7 million as compared to corresponding quarter of RM9.9 million.
The Group recorded revenue of RM150.0 million compared to RM94.9 million in 2016 as CPO, PK and FFB sales volume increased 42.7%, 52.9% and 12.1%, respectively as compared to 2016. The improved in selling price of CPO, PK and FFB by 17.6%, 10.6% and 19.9%, respectively have further contributed to the increased in revenue.
The Group recorded loss before taxation of RM16.7 million compared to 2016 of RM33.5 million, which is an improvement of 50.1%.
As such, loss after taxation confined to RM13.2 million as compared to 2016 of RM27.4 million.
Commentary on Prospects
FFB production and yield are expected to further improved by 2nd half of 2017 in line with the continuous effort to enhance our operation's efficiency and productivity.
The Group will continue to improve its productivity and remain committed on improving its cost efficiency.