KUALA LUMPUR (Nov 28): Sarawak Oil Palms Bhd's third quarter ended Sept 30, 2018 (3QFY18) net profit declined by 68.63% to RM17.73 million or 3.11 sen per share versus RM56.51 million or 9.9 sen per share a year ago, on the back of lower revenue.

The group's 3QFY18 revenue decreased by 27.8% to RM870.34 million from RM1.2 billion last year, due to lower volume of palm products transacted and lower palm products average realised prices, according to its bourse filing.

Net profit for its cumulative nine-month period ended Sept 30, 2018 (9MFY18) was lower by 72% at RM54.33 million versus RM190.71 million a year ago.

During the period, profit before tax stood at RM87.4 million against RM278.1 million a year ago, mainly attributed to lower palm products average realised prices, while revenue fell 27.6% to RM2.55 billion from RM3.52 billion a year ago.

Moving on, the group said its performance would continue to be driven by fresh fruit bunch production and palm products price movement which is dependent on the world edible oil market, movement of ringgit and the economic situation.

No dividend has been declared for the financial period ended Sept 30, 2018.

At market close, Sarawak Oil Palms shares were down 1 sen or 0.41% to RM2.45, for a market capitalisation of RM1.39 billion.