Quarterly Report For The Financial Period Ended 30 September 2017
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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 3rd Quarter Ended 30 September 2017
Condensed Consolidated Statement of Financial Position
As at 30 September 2017
Review of performance
Financial review for current quarter and financial year to date
The Group registered revenue of RM82.6 million and RM232.6 million for the 3 months and 9 months ended 30 September 2017, which is an increase of 11.0% and 37.5% as compared to corresponding period in 2016. The improved in revenue is mainly contributed by the improvement in the CPO and PK sales volume by 13.1% and 21.5%, respectively.
Revenue for year-to-date improved by 37.5% compare to corresponding period in 2016 as CPO, PK and FFB sales volume increased 30.6%, 40.0% and 4.2%, respectively. The increased in the revenue is contributed by the newly acquired subsidiary and newly constructed palm oil mill, which have come into operation and generate income during the quarter.
Gross profit for the current quarter dropped 16.2% compared to corresponding quarter in 2016, due to increase in FFB processed cost, and road, bridges and culvert cost by 14.7% and 119.6%. As for cumulative period ended 30 September, gross profit improved RM19.4 million as compared to corresponding period in 2016 owing to higher revenue despite increased in FFB processed cost and manuring cost by 54.7% and 23.9%.
The Group recorded pre-tax loss of RM3.5 million in the current quarter compared to previous year corresponding quarter pre-tax profit of RM2.1 million. As of year-to-date, the Group recorded a lower pre-tax loss of RM20.2 million compared to corresponding period in 2016 of RM31.4 million.
The Group recorded loss after taxation of RM9.0 million as compare to corresponding quarter profit after taxation of RM1.6 million. The loss after taxation for 9-month cumulative reduced by 13.9% compared to 2016.
Commentary on Prospects
The FFB, CPO and PK production is expected to continue its uptrend as compared to 2016. The Group is expected to ride on this uptrend to boost its productivity and efficiency.