Boustead Plantations net loss widens to RM34.3mil


  • Plantations
  • Friday, 22 Nov 2019

PETALING JAYA: Boustead Plantations Bhd saw its net loss widening to RM34.31mil in the third quarter ended Sept 30 from RM21.89mil in the previous corresponding quarter on higher amortisation and finance costs.

This was despite the 6.2% growth in group revenue to RM139.2mil from RM131.1mil previously.

It attributed the improvement in revenue to the significant increase in the sales volume of palm oil and palm kernel (PK), which had more than offset the decline in the prices of palm products.

In a statement, Boustead Plantations said its average crude palm oil selling price fell 16% year-on-year (y-o-y) for the first nine months of 2019 to RM2,011 per tonne, while the average PK price fell 39% y-o-y to RM1,179 per tonne.

Meanwhile, its fresh fruit bunch production for the period grew 10% to 727,771 tonnes and the average oil extraction rate increased to 21.6%, while the average kernel extraction rate remained stable at 4.4%.

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