Flash Genting Plantations 1Q net profit falls 44%, revenue up 26%

Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 29 May 2013 17:20
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Flash: Genting PLANTATION []s 1Q net profit falls 44%, revenue up
26%

Update Genting Plantations 1Q profit falls 44% to RM44m

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 29 May 2013 18:10
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KUALA LUMPUR (May 29): Genting PLANTATION []s Bhd's net profit
fell 44% to RM44.03 million in the first quarter ended March 31, 2013
(1QFY13) from RM78.79 million a year earlier.
The firm told the bourse that revenue however rose 26% to RM343.04
million from RM272.66 million.
"The group registered a year-on-year (y-o-y) increase in revenue as
stronger sales achieved by the property segment more than made up
for the lower contribution from the plantation segment where a marked
improvement in crop yields was outweighed by softer palm product
selling prices," Genting Plantations said.
The company said it registered an average crude palm oil price of
RM2,293 a tonne, down 28% from a year earlier. Fresh fruit bunch
output rose 32%.
During 1QFY13, Genting Plantations’ bottom line was dragged down by
significantly higher operating expenses of RM91.57 million versus 45.73
million.
Looking ahead, the group said its performance in the remaining months
of FY13 may be "significantly influenced" by palm oil price and
production trends besides rising input costs.