MARKET DEVELOPMENT
Higher CPO Prices, FFB Production Boost Far East Net, Pre-Tax Profits
Higher CPO Prices, FFB Production Boost Far East Net, Pre-Tax Profits
11/06/2015 (Bernama) - Higher crude palm oil (CPO) prices and fresh fruit bunches (FFB) production help boost Far East Holdings Bhd's net and pre-tax profits for the year 2014.
Its group executive chairman, Datuk Kamaruddin Mohammed, said net profit increased to RM104.25 million from RM85.37 million and the pre-tax profit rose to RM129.24 million from RM108.71 million for the year under review.
"The prices of CPO and palm kernel were recorded at an average RM2,413 per metric tonne and RM1,737 per metric tonne respectively in 2014 compared to RM2,375 per metric tonne and RM1,345 per metric tonne in 2013," he said at company's annual general meeting here Wednesday.
He said the group's FFB production rose by two per cent to 345,268 metric tonnes from 339,502 metric tonnes in 2013.
"The higher FFB production was mainly due to better palm productivity, improved labour management and the increase in matured areas.
"The total area planted for the year under review was 21,239 hectares (ha), while the matured area for 2014 was 18,106ha against the previous year's 16,927ha," he said.
The increase in FFB was also in line with the increase in matured areas to 1,179.51ha in Bukit Serok, Kampong Aur, Bukit Jin and Sungai Seraya estates, he said.
The group's earnings per share for 2014 increased to 65.87 sen from 52.19 sen in 2013. Net tangible asset per share increased by 40 sen to RM7.82 per share previously.
He said the group's performance for financial year 2015 was expected to be satisfactory.
Its group executive chairman, Datuk Kamaruddin Mohammed, said net profit increased to RM104.25 million from RM85.37 million and the pre-tax profit rose to RM129.24 million from RM108.71 million for the year under review.
"The prices of CPO and palm kernel were recorded at an average RM2,413 per metric tonne and RM1,737 per metric tonne respectively in 2014 compared to RM2,375 per metric tonne and RM1,345 per metric tonne in 2013," he said at company's annual general meeting here Wednesday.
He said the group's FFB production rose by two per cent to 345,268 metric tonnes from 339,502 metric tonnes in 2013.
"The higher FFB production was mainly due to better palm productivity, improved labour management and the increase in matured areas.
"The total area planted for the year under review was 21,239 hectares (ha), while the matured area for 2014 was 18,106ha against the previous year's 16,927ha," he said.
The increase in FFB was also in line with the increase in matured areas to 1,179.51ha in Bukit Serok, Kampong Aur, Bukit Jin and Sungai Seraya estates, he said.
The group's earnings per share for 2014 increased to 65.87 sen from 52.19 sen in 2013. Net tangible asset per share increased by 40 sen to RM7.82 per share previously.
He said the group's performance for financial year 2015 was expected to be satisfactory.