UPB hit by refinery segment


In a filing with Bursa Malaysia, the group said the refining segment posted a pre-tax loss of RM23.9mil in the quarter compared with a pre-tax profit of RM10.8mil in the previous corresponding quarter mainly due to timing differences of raw materials hedging versus delivery of finished goods

KUALA LUMPUR: United Plantations Bhd’s (UPB) net profit fell 7.8% to RM74.82mil in the first quarter ended March 31,2021 from RM81.19mil a year ago, mainly dragged by the refinery segment.

In a filing with Bursa Malaysia, the group said the refining segment posted a pre-tax loss of RM23.9mil in the quarter compared with a pre-tax profit of RM10.8mil in the previous corresponding quarter mainly due to timing differences of raw materials hedging versus delivery of finished goods.

“The immediate hedging loss upon closing of the earlier hedged raw materials positions will be reversed upon delivery of the finished goods in the next quarter, ” it said.

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