Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (May 31): Hap Seng Consolidated Bhd's net profit rose 2.6% to RM154.45 million in the first quarter ended March 31, 2018 (1QFY18) from RM150.5 million a year ago, on improved revenue contribution from all divisions except for the plantation division.

This resulted in higher earnings per share of 6.2 sen for 1QFY18 compared with 6.04 sen for 1QFY17.

Quarterly revenue also climbed 29.8% to RM1.53 billion from RM1.18 billion a year ago.

The group also declared a first interim dividend of 15 sen per share for the financial year ending Dec 31, 2018 (FY18), payable on June 28.

In a filing with Bursa Malaysia today, Hap Seng said its plantation division's revenue for 1QFY18 at RM121.2 million was 16% lower than 1QFY17, while operating profit at RM22.4 million was 31% lower year-on-year (y-o-y), mainly due to lower average selling prices of crude palm oil (CPO) and palm kernel (PK) in spite of higher sales volume.

Average selling price per tonne of CPO and PK for 1QFY18 were RM2,590 and RM2,262 respectively compared with RM3,268 for CPO and RM3,282 for PK.

CPO sales volume for 1QFY18 was 38,391 tonnes, up 6% y-o-y, while PK sales volume was 24% higher at 8,874 tonnes.

"The higher sales volume of CPO and PK were mainly attributable to better extraction rates and higher production in tandem with higher fresh fruit bunches (FFB) production. FFB production was 22% above the preceding year corresponding quarter attributable to seasonal yield trend," said Hap Seng.

On prospects, the group is optimistic of achieving satisfactory results for FY18.

Hap Seng shares closed up 18 sen or 1.87% at RM9.80 today, with 2.19 million shares done, bringing a market captialisation of RM24.4 billion.

 

      Print
      Text Size
      Share