The decline in revenue was mainly due to a 41% year-on-year (y-o-y) decline sales from the group's palm oil division, followed by a 3% decline in the marine product manufacturing division. Profit before tax for the marine and palm oil divisions fell 20% and 61% respectively.

The drop in sales and profit before tax (PBT) in the marine product manufacturing segment was due to lower contribution from surimi and lower catch from deep-sea fishing.

The group explained that the decline in revenue for palm oil division was due to lower selling prices of crude palm oil (CPO) and 18% decline in fresh fruit bunches (FFB) processed. The average CPO price realised in 1Q was RM2,423 per tonne or 31% less than RM3,487 a year ago. The division's lower PBT was due to lower milling margins and lower contribution from the group's estates.

It added that the drop in FFB production in Sabah was due to the oil palm tree stress and unusually heavy rainfall in January and February.

Meanwhile, PBT from its integrated livestock farming division rose 44% y-o-y on the back of a revenue jump of 18% during the quarter, due to higher farm produce prices, newly acquired poultry units and better profit margins from its raw materials trade. The group did not declare any dividends for the quarter reported.