Earnings per share fell to 8.07 sen from 34.56 sen earlier, while net assets per share was RM10.45.

In a statement issued on May 26, Kulim said the 54.3% increase in revenue to RM1.32 billion in 1Q09 from RM852.99 million in 2008 was entirely contributed by QSR Brands Bhd after revenue from KFC Holdings (M) Bhd was consolidated into its revenue.

It said the oleo chemicals division contribution, however, fell 10.48% or RM89.4 million for the quarter under review.

Kulim said all its business segments showed lower pre-tax profit (PBT) compared to the corresponding quarter in 2008 with only KFCH showing 1.4% increase in its PBT compared to the corresponding quarter in 2008.

The plantation division recorded lower profit in view of weaker palm products prices contracted during the quarter compared to prices achieved for the corresponding quarter in 2008, it said.

"The oleo chemicals division recorded a loss of RM26.91 million for the quarter compared to profit before tax of RM15.72 million for the corresponding quarter in 2008.

"There were contracts cancellation effects on costs of feed stocks incurred at higher costs in 2008 and carried to the quarter. The corresponding sales were concluded in declining price scenario," it said.

On its prospects in the current financial year, Kulim said palm products prices made significant recoveries from its 2008 year lows and currently crude palm oil (CPO) was traded at above RM2,700 per tonne for the near delivery months.

It said should this price level stay for future months it would have positive effects going forward for the group's oil palm sector.

Kulim said the oleo chemicals sector might have been in its worst quarter.

"Anticipation for lower feedstock costs has so far not materialised. The division is bracing for a difficult operating environment for the remainder of the year," it said.

Meanwhile, Kulim said sales at its food and restaurants operations were encouraging despite worries on economic uncertainties still lingering.

Measures are being introduced and operations closely monitored for quick response when needed to encourage and entice continued patronage at all group's stores, it said.

"Generally, business outlook and consumer confidence have turn for the better compared to the outlook during the final quarter in 2008.

"The group is more confident of performing better than previously anticipated for the remaining quarters of the year," it said.