Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 20): Chin Teck Plantations Bhd’s net profit fell 15.64% to RM7.81 million for its first quarter ended Nov 30, 2019 (1QFY20), from RM9.26 million a year ago. 

In a filing today, the group said earnings were hit by reduced sales and a decline in the selling price of palm kernel (PK), and lower sales of fresh fruit bunches (FFB).  

Other reasons include the lesser amount of gain on foreign currency translation, higher operating expenses arising from an increase in sales volume of crude palm oil (CPO), as an increase in fertiliser expenses. 

Quarterly revenue rose 14% to RM32.24 million, from RM29.15 million a year ago (1QFY19).

Chin Teck said its production of FFB and PK were lower during the quarter, while CPO output was higher. 

The group said the average selling prices of CPO have strengthened significantly and are expected to remain elevated during the rest of the financial year ending Aug 31, 2020 (FY20).  

Chin Tek’s share price closed unchanged at RM6.93, valuing the group at RM633.15 million.

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