Decline in average selling prices of FFB, CPO a drawback for Kim Loong

Kim Loong foresee the average CPO price for FY24 to stay over the RM4,000 per tonne level.

PETALING JAYA: Kim Loong Resources Bhd’s financial performance for the second quarter ended July 31, 2023 (2Q24) and the first half was impacted by the sharp decline in average selling prices of fresh fruit bunch (FFB) and crude palm oil (CPO), despite seeing an increase in production levels.

In a filing with Bursa Malaysia, Kim Loong stated the average selling prices of both FFB and palm oil had decreased by 36% and 35% respectively year-to-date (y-t-d) in its current financial year (FY24).