Quarterly Report For The Financial Period Ended 31 March 2018
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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 4th Quarter Ended 31 March 2018
Condensed Consolidated Statement of Financial Position
As at 31 March 2018
Review of performance
Financial review for current quarter and financial year to date
The Group’s revenue for 3 months ended 31 March 2018 increased marginally by 2.9% as compared to corresponding period in 2017. The higher revenue is mainly attributable to higher CPO and PK sales volume by 75.3% and 71.0% respectively.
Refer to the table above, CPO and PK production surged by 57.4% and 57.7% to 22,330MT and 5,137MT respectively in current quarter ended 31 March 2018 as compared to corresponding period in 2017. The surge was mainly attributable to additional contribution from RSB Lundu Palm Oil Mill (“RSBLPOM”), which secure its MPOB license on 19 January 2018.
The Group recorded gross loss of RM1.5 million for the current quarter as compared to gross profit of RM8.5 million registered in corresponding period of 2017. The loss is mainly due to lower CPO, PK and FFB price, which has tumbled by 24.2%, 33.6%, and 26.1% respectively. Cost of sales expanded by 17.1% for the current quarter as compared to corresponding period in 2017 underpinned by 55.1% uplift in FFB processed by our mills, which was mainly boosted by the inclusion of RSBLPOM. Administrative expenses for the current quarter is 40.6% lower compared to corresponding quarter of 2017 mainly due to higher loss arising from the fair value changes in biological assets of RM6.1 million charged in 2017.
The Group recorded pre-tax loss of RM18.1 million, an increase of 62.3% for the current quarter as compared to last year corresponding quarter of RM11.1 million mainly due to lower average selling price across the board. As for loss after taxation, the Group registered RM17.6 million for the current quarter as compared to RM10.2 million in corresponding period of 2017.