Latest Quarterly Results

Quarterly Report For The Financial Period Ended 31 March 2017

Financials Archive

Get Adobe Reader Note: Files are in Adobe (PDF) format.
Please download the free Adobe Acrobat Reader to view these documents.

Unaudited Condensed Statement Of Consolidated Comprehensive Income

Unaudited Condensed Consolidated Statement Of Financial Position

Performance Review

For the first quarter of 2017, the Group achieved an unaudited pre-tax profit of RM57.1 million compared with RM44.4 million for the corresponding quarter last year. The profit increased by 29% from the corresponding quarter last year, driven mainly by the buoyant palm product prices and to some extent, better crop production. However, the profit would have reflected an improvement of 483% by excluding the gain on disposal of land of RM34.6 million from the comparative profit achieved for the first quarter of 2016.

FFB production for the three-month period increased by 13% to 209,526 MT from 185,205 MT achieved for same period last year. The crop uptrend was largely attributed to improvement in yields as the palms recover from the effects of El-Nino. OER averaged at 20.7% as compared with 21.5% for first quarter of 2016. The average KER of 4.3% was also lower than same period last year's rate of 4.5%.

CPO achieved an average selling price of RM3,166 per MT, up by RM899 or 40% from the corresponding period last year whilst PK ended the quarter with RM3,204 per MT, which was RM 1,297 or 68% better.

Peninsular Malaysia Region

Peninsular Malaysia region achieved a segment profit of RM30.0 million as compared with RM7.8 million for the three-month period ended 31 March 2016. The increase in profit of RM22.2 million or 285% was mainly attributed to improved selling prices of palm products. The region's FFB crop of 90,626 MT was up from 2016 by 15%.

Sabah region

Sabah region achieved a higher segment profit of RM23.6 million, reflecting a fourfold increase from RM5.5 million profit for the corresponding period last year. FFB crop increased by 14% to 84,188 MT due to crop uptrend despite the shortage of skilled harvesters for tall palms and unfavourable weather.

Sarawak region

Sarawak region registered a segment profit of RM7.6 million compared with a loss of RM1.0 million for the three-month period ended 31 March 2016. The turnaround in the results was mainly contributed by better selling prices of palm products. The region produced 34,712 MT of FFB which was a 6% increase from the same period last year.

Prospects for Rest of the Year

The Group's profitability for the year is dependent on the price direction for CPO and crop production. FFB yields have improved since the damaging effects of El Nino and the uptrend is anticipated to continue. However, crop recovery from the Sarawak estates with land issues is uncertain.

The buoyant CPO prices enjoyed during the quarter has somewhat softened amid bearish news of bumper soybean crop in the United States and South America. This together with growing pressures over supplies of biodiesel to USA and Europe as well as low crude oil prices has led to a less optimistic price outlook for palm oil. The Group is of the view that market is expected to remain volatile in the second half of the year on expectations of improved CPO production and the build up in inventories

Boustead Plantations Berhad
Please read our General Disclaimer & Warning carefully.
Use of this Website constitutes acceptance of the Terms of Website Use.
© 2015 Boustead Plantations Berhad . All right reserved.