MARKET DEVELOPMENT
Far East Holdings Q1 Earnings Jump 52% to RM20.67Mil
Far East Holdings Q1 Earnings Jump 52% to RM20.67Mil
09/05/2014 (The Star) - Palm oil company Far East Holdings Bhd’s earnings for the first quarter ended March 31, 2014 jumped 52.4% year-on-year to RM20.67mil from RM13.56mil, as revenue climbed 13.2% to RM105.5mil.
Profit before tax came in at RM28.9mil from RM18.5mil – a 56.6% improvement.
According to Far East, the higher revenue and profit in the quarter were due to higher CPO and kernel prices of RM2,677 per metric ton and RM2,085 per MT respectively, against RM2,327 per MT and RM1.193 in the corresponding quarter a year earlier.
In addition, fresh fruit bunch (FFB) production improved 9%, and the group also benefited from higher contribution from associated companies of 31% (RM1.09mil).
Far East earned 14.62 sen per share compared to 9.59 sen previously. No dividend was declared for the quarter.
Profit before tax came in at RM28.9mil from RM18.5mil – a 56.6% improvement.
According to Far East, the higher revenue and profit in the quarter were due to higher CPO and kernel prices of RM2,677 per metric ton and RM2,085 per MT respectively, against RM2,327 per MT and RM1.193 in the corresponding quarter a year earlier.
In addition, fresh fruit bunch (FFB) production improved 9%, and the group also benefited from higher contribution from associated companies of 31% (RM1.09mil).
Far East earned 14.62 sen per share compared to 9.59 sen previously. No dividend was declared for the quarter.