KUALA LUMPUR, Nov 25 (Bernama) -- Sarawak Oil Palms Bhd’s net profit for the third quarter ended Sept 30, 2022 (Q3) eased to RM82.33 million from RM124.48 million in the previous corresponding quarter.
In a filing with Bursa Malaysia today, the oil palm planter and miller said this was mainly attributed to higher production costs due to an increase in fertiliser and labour costs incurred when compared to the Q3 financial year 2021.
Its profit before tax for the current quarter was RM113.8 million compared with RM175.4 million reported in the corresponding quarter last year.
Meanwhile, the performance of the group would continue to be driven by the fresh fruit bunches production which was affected by labour shortage and global world edible oil price movement, said Sarawak Oil Palms.
This is further exacerbated by the effect of the supply chain on fertilisers, chemicals and fuel prices which would affect the costs of production.
“If the present commodity price is sustained, the group is expected to maintain a favourable financial performance,” it said.
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