FAR EAST Q3 NET PROFIT SURGES TO RM53.84 MLN
KUALA LUMPUR, Nov 25 -- Far East Holdings Bhd’s net profit surged to RM53.84 million in the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM39.34 million in the same quarter last year.
However, revenue fell to RM193.6 million from RM259.12 million previously, the plantation company said in a filing with Bursa Malaysia today.
The group posted a higher profit before tax of RM66.6 million and profit after tax of RM54.9 million in Q3 FY2021 compared to RM51.6 million and RM41.7 million, respectively, in Q3 FY2020.
The company attributed this mainly to higher average crude palm oil (CPO) and palm kernel (PK) prices per metric tonne (MT) by 61 per cent and 73 per cent, respectively.
“The average CPO price per MT was RM4,409 from RM2,745 in 2020 and the average PK price per MT was RM2,534 from RM1,465 in 2021,” it said.
The higher share of profit from associated companies, by RM5.16 million (34 per cent), also contributed to the company’s stronger performance in the period under review.
On prospects, Far East said fresh fruit bunches (FFB) production is expected to be stable for the rest of 2021, and the group’s financial result is anticipated to be higher than the preceding year in view of higher CPO prices.
“However, the group’s performance for the upcoming financial year would continue to be a challenging one due to the COVID-19 pandemic, rising operation costs, higher wages, and labour shortages,” it said.
-- BERNAMA
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