Quarterly Report For The Financial Period Ended 30 September 2021
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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 3rd Quarter Ended 30 September 2021
Condensed Consolidated Statement of Financial Position
As at 30 September 2021
Review of performance
Financial review for current quarter and financial year to date
3 Months Ended 30.09.2021 vs 30.09.2020
The Group achieved higher revenue of RM141.2 million, an increase of 27.0% from RM111.2 million on 30 September 2021. This was principally due to ongoing favourable growth in average selling price on FFB, CPO and PK throughout the quarter by 73.6%, 62.1% and 74.0% respectively where the average selling price for FFB, CPO and PK was at RM835, RM4,283 and RM2,347 for 3 months ended 30 September 2021 respectively.
The Group recorded gross profit of RM21.2 million and profit after taxation of RM6.7 million in the current quarter as compared to corresponding period with gross profit of RM10.2 million and loss after taxation of RM4.5 million mainly due to higher CPO, FFB and PK price.
Commentary on Prospects
The crude palm oil (CPO) futures is expected to remain strong until year-end following the price which passed RM5,000 a tonne on October 2021, which is an all-time high. The prospect of lower production as well as the robust demand from China, which is currently in the midst of an energy supply crisis, may increase the intake of palm oil for biofuel. With the expectation of firm palm oil prices, demand of the market and the forthcoming peak crop season, the Group remains cautiously optimistic on the outlook of plantation segment.