PETALING JAYA: Harn Len Corp Bhd’s losing streak continues for the third consecutive quarter, although the oil palm planter narrows its net loss by more than half on a year-on-year (y-o-y) basis.
Owing to stronger sales volume and higher average selling prices (ASP) of crude palm oil (CPO) and palm kernel, Harn Len’s net loss for the second quarter ended June 30, was RM2.6mil compared with RM5.8mil in the previous corresponding quarter.
The group’s revenue in the second quarter surged by nearly three-fold to RM53mil from RM19mil a year earlier.
Harn Len said the ASPs for CPO in the second quarter was RM3,775 per tonne compared with RM2,509 per tonne in the previous corresponding quarter.
The ASP for fresh fruit bunches was RM770 per tonne compared with RM430 per tonne in the second quarter of last year.
Meanwhile, the ASP for palm kernel improved to RM2,372 per tonne from RM1,434 per tonne a year ago.
Given the reduced net loss, Harn Len’s loss per share improved to 1.36 sen per share from 3.33 sen a year earlier.
The group did not declare a dividend for the quarter.
Cumulatively, in the first half of financial year 2021, Harn Len’s net loss dropped to RM7.4mil from RM14mil in the corresponding six-month period.
Revenue, on the other hand, improved by 90% y-o-y to RM89mil.
For the six-month financial period, Harn Len said in a statement yesterday that its plantation division remained the major revenue contributor where it accounted for 98%, equivalent to RM87mil of revenue.
This was followed by the remaining 2% derived from property and other divisions.Commenting on the results, Harn Len managing director Low Quek Kiong said the group has shown resilience during the challenging times, supported by a stark increase in CPO prices.