MARKET DEVELOPMENT
Cepatwawasan Net Profit Falls 60%
Cepatwawasan Net Profit Falls 60%
29/07/2015 (The Star) - Cepatwawasan Group Bhd’s net profit fell 60.4% to RM3.26mil in the second quarter ended June 30, 2015 from RM8.26mil a year ago dragged by falling crude palm oil (CPO) and palm kernel prices.
Its revenue slipped 20.9% to RM53.97mil for the quarter compared to RM68.29mil a year ago due to falling crude palm oil (CPO), palm kernel prices and lower CPO sales volume.
In a filing to Bursa on Wednesday, the company said that CPO and palm kernel prices fell by 14% and 25% respectively and lower CPO sales volume by 7%.
Its earnings per share were 1.06 sen per share.
For its plantation sector, there was a decline in the profit before tax by 41% to RM5.65mil for the quarter, from RM9.64mil a year ago due to 19% decrease in Fresh Fruit Bunch (FFB) price and a 3% drop in FFB production.
Its oil milling segment also posted a decrease in profit before tax by 50% to RM0.80mil for the quarter, from RM1.60mil a year ago due to lower extraction rate, lower CPO and PK prices as well as drop in CPO sales volume.
Furthermore, the group’s power plant recorded an increase in loss before tax by 347% to RM1.33mil for the quarter, from RM0.30mil a year ago, from higher operating cost arising from supply of electricity.
However, the group is confident to perform satisfactorily as CPO and palm kernel prices have stabilised recently to RM2,200 and RM1,500 per tonne respectively.
Its revenue slipped 20.9% to RM53.97mil for the quarter compared to RM68.29mil a year ago due to falling crude palm oil (CPO), palm kernel prices and lower CPO sales volume.
In a filing to Bursa on Wednesday, the company said that CPO and palm kernel prices fell by 14% and 25% respectively and lower CPO sales volume by 7%.
Its earnings per share were 1.06 sen per share.
For its plantation sector, there was a decline in the profit before tax by 41% to RM5.65mil for the quarter, from RM9.64mil a year ago due to 19% decrease in Fresh Fruit Bunch (FFB) price and a 3% drop in FFB production.
Its oil milling segment also posted a decrease in profit before tax by 50% to RM0.80mil for the quarter, from RM1.60mil a year ago due to lower extraction rate, lower CPO and PK prices as well as drop in CPO sales volume.
Furthermore, the group’s power plant recorded an increase in loss before tax by 347% to RM1.33mil for the quarter, from RM0.30mil a year ago, from higher operating cost arising from supply of electricity.
However, the group is confident to perform satisfactorily as CPO and palm kernel prices have stabilised recently to RM2,200 and RM1,500 per tonne respectively.