MARKET DEVELOPMENT
SOP Net Profit for First Quarter of 2014 up 60 Pct
SOP Net Profit for First Quarter of 2014 up 60 Pct
10/05/2014 (Borneo Post) - Sarawak Oil Palms Bhd’s (SOP) earnings for the first quarter of 2014 (1Q14) rose 60 per cent year-on-year (y-o-y) to RM33.68 million compared with RM21.09 million in 1Q13.
At the same time, the plantation company in a filing to Bursa Malaysia yesterday said its turnover increased 28 per cent y-o-y to RM546.64 million in 1Q14 against RM427.06 million in 1Q13.
The company in its notes accompanying its financial results said the higher net profit registered for 1Q14 was attributed to higher realised prices and sales volume achieved for palm products.
Meanwhile on a quarter-on-quarter (q-o-q) basis, SOP said it posted a lower profit before tax of RM49 million in 1Q14 compared with RM52.5 million in 4Q13.
The plantation company explained that the lower profit achieved was a result of lower fresh fruit bunches (FFB) production due to cyclical cropping pattern.
Going forward, SOP believes that the financial performance of the group would continue to be driven by palm products price movement which is dependent on the world edible oil market, movement of the ringgit and the economic situation.
Additionally, the company in a separate announcement to Bursa Malaysia said its production of FFB, crude palm oil and palm kernel for the month of April were 78,584 million tonnes, 29,219 million tonnes and 5,803 million tonnes respectively.
At the same time, the plantation company in a filing to Bursa Malaysia yesterday said its turnover increased 28 per cent y-o-y to RM546.64 million in 1Q14 against RM427.06 million in 1Q13.
The company in its notes accompanying its financial results said the higher net profit registered for 1Q14 was attributed to higher realised prices and sales volume achieved for palm products.
Meanwhile on a quarter-on-quarter (q-o-q) basis, SOP said it posted a lower profit before tax of RM49 million in 1Q14 compared with RM52.5 million in 4Q13.
The plantation company explained that the lower profit achieved was a result of lower fresh fruit bunches (FFB) production due to cyclical cropping pattern.
Going forward, SOP believes that the financial performance of the group would continue to be driven by palm products price movement which is dependent on the world edible oil market, movement of the ringgit and the economic situation.
Additionally, the company in a separate announcement to Bursa Malaysia said its production of FFB, crude palm oil and palm kernel for the month of April were 78,584 million tonnes, 29,219 million tonnes and 5,803 million tonnes respectively.