Chin Teck hit by fertiliser costs

Chin Teck says revenue in the first quarter rose by some 8% year-on-year to RM63mil while net profit dipped by 8% to RM25.3mil.

KUALA LUMPUR: Chin Teck Plantations Bhd’s bottom line in its first quarter ended Nov 30, 2022 had been impacted by the significant rise in plantation operating expenses, namely the cost of fertiliser.

In a filing with Bursa Malaysia, the plantation company said revenue in the quarter rose by some 8% year-on-year (y-o-y) to RM63mil while net profit had fallen by 8% y-o-y to RM25.3mil.

“Revenue rose on significant increases in the sales volume of fresh fruit bunches, crude palm oil and palm kernel although the average selling prices had decreased,” it said.