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NewsFar East 1H profit rises 91% to RM41.9 mil on higher CPO price, FFB output
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Far East 1H profit rises 91% to RM41.9 mil on higher CPO price, FFB output
by Cals Mon 25 Aug 2014, 03:31
| Far East 1H profit rises 91% to RM41.9 mil on higher CPO price, FFB output |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Friday, 22 August 2014 18:46 KUALA LUMPUR (Aug 22): Far East Holdings Bhd’s net profit multiplied 2.5 times to RM21.2 million in the second quarter ended June 30, 2014, from RM8.4 million. Revenue jumped 21.9% year-on-year to RM111.6 million, from RM91.5 million. In a filing with Bursa Malaysia, the firm said the higher net profit and revenue were mainly due to higher average crude palm oil (CPO) and kernel prices, as well as higher fresh fruit bunches (FFB) production. Far East said other factors include higher average oil extraction rate and higher contribution from the share of profits from associated companies. For the half-year period, net profit came in 91.3% higher at RM41.9 million versus RM21.9 million in the previous period, while revenue rose to RM217.1 million from RM184.7 million a year earlier. “The group is expected to achieve favourable result in view of the sustainable crude palm oil price,” said Far East on current year prospects. |
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