01/11/2012 (The Star) - Chin Teck Plantations Bhd's earnings fell 33% to RM14.62mil in the fourth quarter ended Aug 31, 2012 from RM21.85mil a year ago mainly due to lower revenue and losses sustained by its associates involved in joint ventures (JVs) in Indonesia.

It said on Wednesday that revenue also declined, falling 24.1% to RM29.10mil from RM38.37mil. Earnings per share were 16 sen compared with 23.91 sen.

Chin Teck said the lower revenue was due mainly to lower average selling prices of fresh fruit bunches, crude palm oil and palm kernel and sales volume.

"The group suffered an overall loss in its share of results of associates due to loss suffered by the JVs engaged in oil palm plantations in Lampung province, Indonesia as the JVs encountered a suspension in routine harvesting since the second financial quarter due to unrest in villages in the vicinity of the plantations," it said.

It said the suspension of the routine harvesting would be temporary as the managements of the JVs and the authorities and law enforcement agencies were taking appropriate action to resume the harvesting.

For the financial year ended Aug 31, 2012, its earnings recorded a decline of 30.7% to RM52.67mil from RM76.01mil due to lower revenue and the substantial decline in profit contribution from the associates.

Revenue was down 16.8% to RM119.22mil from RM143.34mil.