KUALA LUMPUR (May 15): Far East Holdings Bhd’s net profit for the first financial quarter of its financial year ended March 31, 2018 (1QFY18) fell by 13.5% to RM22.6 million or 15.95 sen per share from RM26.1 million or 18.43 sen per share in the previous corresponding quarter, mainly due to higher estate expenditure and milling expenditure by RM3.5 million and RM25 million respectively, according to a filing with Bursa Malaysia.

This was despite the 18.5% growth on the group’s revenue to RM109.3 million against RM92.2 million recorded in 1QFY17.

The note filed with Bursa said that the higher revenue was mainly due to higher fresh fruit bunch (FFB) production by 10,358 tonnes or 14% against production for the corresponding period a year ago. It was also driven by the higher FFB received and processed by the mill during the quarter under review by 33,430 tonnes or 40% at 116,040 tones compared with 82,610 tones in 1QFY17.

On the group’s outlook, it said a favourable result is expected in view of the sustainable crude palm oil prices.

As of closing, Far East Holdings’ share price gained 0.9% or 10 sen to RM10.82 with 2,500 shares traded, giving it a market capitalisation of RM1.53 billion.