Quarterly Report For The Financial Period Ended 30 June 2018
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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 2nd Quarter Ended 30 June 2018
Condensed Consolidated Statement of Financial Position
As at 30 June 2018
Review of performance
Financial review for current quarter and financial year to date
The 3-month and 6-month revenue are higher as compared to corresponding period in line with higher CPO & PK sales volume.
The upsurge in CPO and PK production for 3-month and 6-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 RM1.7 million for the current quarter and RM3.2 million for 6-month as compared to gross profit of RM0.5 million and RM9.0 million respectively in corresponding period of 2017. The 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 RM14.1 million and RM32.1 million respectively, which is an increase of 45.0% and 54.2% as compared to last year corresponding period of RM9.7 million and RM20.8 million respectively mainly due to lower average selling price across the board.
As for loss after taxation, the Group registered RM14.7 million for the current quarter and RM32.2 million for year-to-date as compared to RM6.2 million and RM16.4 million respectively in corresponding period of 2017.
Commentary on Prospects
The CPO price is expected to be flat in view of the upcoming peak crop season while market sentiments remain cautious partly owing to the ongoing trade war. However, the Group remains focus on improving its productivity and operational efficiency