At pre-tax level, profit declined 67% to RM47.8 million from a year earlier. Revenue was down 51% to RM133.4 million from RM273.05 million, while earnings per share fell to 4.87 sen from 15.1 sen. No dividend was declared.

In a statement yesterday, Asiatic said the group achieved average crude palm oil (CPO) and palm kernel prices of RM1,862 per tonne and RM832 per tonne, respectively compared with RM3,403 per tonne and RM2,005 per tonne a year earlier.

Asiatic said contribution from the property segment was also lower from a year earlier amid softer property market conditions while the biotechnology division incurred higher research and development expenditure.

However, pre-tax profit was 10% higher from the preceding three months, underpinned by an increase in the achieved average CPO price, higher contribution from the property segment and lower operating expenses.

The group expected its performance for the remainder of FY09 to be reasonable, although the record profit achieved in the previous year was not expected to be matched in view of the prevailing palm product prices.

This article appeared in The Edge Financial Daily, May 28, 2009.