Friday 29 Mar 2024
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KUALA LUMPUR (Jan 29): Chin Teck Plantations Bhd saw its net profit drop 13.62% to RM13.59 million in its first quarter ended Nov 30, 2017 (1QFY18), from RM15.73 million a year ago, dragged by foreign exchange losses and higher expenses.

Earnings per share slid to 14.87 sen from 17.22 in 1QFY17.

Meanwhile, revenue increased a marginal 0.11% to RM42.51 million from RM42.46 million, as higher sales volume of fresh fruit bunches (FFB) and palm kernel were offset by lower average selling prices for FFB, crude palm oil (CPO), and palm kernel.

The group said in a filing today that its single tier dividend of 10 sen per share — declared on Jan 2 — will be paid tomorrow.

Moving on, Chin Teck expects CPO selling price to remain "reasonably strong" in FY18, which will continue to be the determining factor to its financial results.

Chin Teck's share price fell 16 sen or 2.01% to RM7.80 today, giving it a market capitalisation of RM712.63 million.

 

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