KUALA LUMPUR (May 23): Genting Plantations Bhd’s net profit for its first quarter ended March 31, 2018 (1QFY18) rose 39% year-on-year to RM100.98 million versus RM72.74 million, due to higher revenue across most segments.

Earnings per share stood at 12.57 sen, from 9.13 sen per share in 1QFY17.

Revenue increased by 32% to RM529.07 million compared with RM400.22 million a year ago, on higher offtake from its refinery and higher progressive completion of development projects.

This was despite its plantation segment posting a lower year-on-year revenue, as weaker selling prices of palm products outweighed higher fresh fruit bunch (FFB) production, the group said in a statement today.

For the quarter under review, the group achieved crude palm oil and palm kernel prices of RM2,375 and RM2,083 respectively.

Its FFB production segment grew 20% y-o-y, with improvements from both its Malaysia and Indonesia segments. 

The group said higher FFB production from the Malaysian plantation segment was due to the stronger yield achieved, despite having lower harvesting areas from its replanting activities.

Moving forward, Genting Plantations said the group’s prospects in the remaining months of 2018 will continue to be guided by the performance of its plantation segment, which in turn is contingent upon the direction of palm product prices and the group’s FFB production volume.

At Bursa Malaysia today, Genting Plantations closed down 17 sen or 1.76% at RM9.51, giving it a market capitalisation of RM7.69 billion.