Friday 29 Mar 2024
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KUALA LUMPUR (May 21): Lower revenue and a decline in other operating income dragged Sarawak Oil Palms Bhd’s net profit for its first quarter down 67.98% to RM8.35 million, from RM26.07 million a year ago.

Revenue for the quarter ended March 31, 2019 (1QFY19) declined 17.95% to RM742.07 million, from RM904.36 million previously, as palm products recorded lower average realised prices.

Earnings per share fell to 1.46 sen versus 4.57 sen a year ago, Sarawak Oil Palms said in its stock exchange filing today.

“The performance of the group will continue to be driven by the production of fresh fruit bunches and the price movement of palm products, which is dependent on the world edible oil market, movement of the Malaysian Ringgit and economic conditions,” the group said.

Sarawak Oil Palms’ share price closed down 5 sen or 2.07% at a one-month low of RM2.37, giving the group a RM1.35 billion market capitalisation.

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