FIRST Resources on Tuesday posted a 28.5 per cent drop in net profit to US$27.9 million for its third quarter ended Sept 30, from S$39 million a year ago, mainly due to weaker palm oil prices.
Earnings per share stood at 1.76 US cents for the quarter, down from 2.46 US cents a year ago, according to the palm oil producer’s financials. Sales fell 19.7 per cent to US$137.6 million from S$171.4 million a year ago, due to lower average selling prices, partially offset by higher sales volumes. No dividend was declared for the quarter, unchanged from a year ago as the company generally considers dividend distribution on a half-yearly basis.The group said that production has picked up seasonally in the third quarter, which is shaping up to be the peak production quarter as output for the fourth quarter is expected to taper off.
Source: News Formal (newsformal.com)
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