Quarterly Report For The Financial Period Ended 30 September 2018
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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 3rd Quarter Ended 30 September 2018
Condensed Consolidated Statement of Financial Position
As at 30 September 2018
Review of performance
Financial review for current quarter and financial year to date
The 3-month revenue is slightly lower as compared to corresponding period mainly due to lower CPO, PK, and FFB average selling price. However, the revenue for 9-month period has improved by 5.4% on the back of higher CPO and PK sales volume.
The upsurge in CPO and PK production for 3-month and 9-month period as compared to corresponding period in 2017 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 RM2.0 million for the current quarter and RM5.2 million for 9-month as compared to gross profit of RM10.8 million and RM19.8 million respectively in corresponding period of 2017. The gross loss is mainly due to lower CPO, FFB & PK price.
For the current quarter and year-to-date, the Group recorded pre-tax loss of RM20.6 million and RM52.8 million respectively, as compared to last year corresponding period of RM0.03 million pre-tax profit and RM20.8 million pre-tax loss respectively mainly due to lower average selling price across the board.
As for loss after taxation, the Group registered RM18.8 million for the current quarter and RM51.0 million for year-to-date as compared to RM6.3 million and RM22.7 million respectively in corresponding period of 2017.
Commentary on Prospects
The CPO price is expected to remain weak as market sentiments remain subdued partly due to the ongoing trade war. However, the Group remains focus on improving its productivity and operational efficiency.