PETALING JAYA: Boustead Plantations Bhd’s net loss narrowed to RM9.6mil for the first quarter (Q1) ended March 31,2020, from RM16.2mil in the corresponding quarter last year, as revenue rose on improved prices of palm products.
During the quarter in review, Boustead Plantation’s revenue grew 21% to RM162.7mil from RM134.9mil in the previous corresponding period. Its loss per share narrowed to 0.43 sen from 0.72 sen.
The group said its 1Q20 crude palm oil realised an average selling price of RM2,793 per tonne, up from RM2,017 per tonne previously, while palm kernel’s average price rose RM400 to RM1,700 per tonne.
Fresh fruit bunch production for the quarter in review was lower at 209,857 tonnes, compared with 258,996 tonnes. Oil and kernel extraction rates were reduced from 21.4% to 21.0% and from 4.5% to 4.3%, respectively.
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