Genting Plantations reports lower earnings in Q1
- Corporate News
Thursday, 23 May 2019
KUALA LUMPUR (Bernama) -- Genting Plantations Bhd ’s net profit for the first quarter ended March 31, fell to RM41.68mil from RM100.98mil posted in the same period a year ago.
Revenue, however, rose 18% to RM621.70 million from RM529.07mil previously, it said in a filing with Bursa Malaysia today.
Genting Plantations said the higher revenue was attributable to the higher off-take of biodiesel and refined palm products from the downstream manufacturing segment along with higher sales volume from the plantation segment.
It said the group’s fresh fruit bunches (FFB) production grew 14% year-on-year, supported by the growth from its Indonesia operations on the back of an increase in mature areas and better age profile, coupled with a stronger yield from the Malaysia operations due to a change in cropping pattern.
On prospects, the group said it would track the performance of its mainstay plantation segment, which in turn is dependent primarily on the movements in palm products selling prices and it’s FFB production.
Barring any weather anomalies, the group expected the overall upward trajectory of its FFB production to continue for this year, driven by higher output from its Indonesia operations from additional mature areas and a better age profile.