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Quarterly Report For The Financial Period Ended 31 March 2017

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INTERIM REPORT FOR THE 1ST QUARTER ENDED 31 MARCH 2017

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

(The figures have not been audited)
Condensed Consolidated Statement of Comprehensive Income

Condensed Consolidated Statement of Financial Position

(The figures have not been audited)
Condensed Consolidated Statement of Financial Position

Review of Performance

Quarter 1, 2017 vs Quarter 1, 2016
Three months ended 31 March 2017 vs Three months ended 31 March 2016

The Group recorded revenue of RM109.6 million in the current financial period ended 31 March 2017 compared with RM62.1 million reported in the corresponding period of the preceding year. The Group recorded a profit before tax of RM17.2 million for the current financial period as compared to a loss before tax of RM1.5 million for the corresponding period of the preceding year. The increase was principally due to the effect of higher realised average selling prices of CPO and PK and higher sales volumes of CPO and PK during the current financial period.

The performance of the respective major business segments of the Group are as follows:

Oil Palm Operations

For the current financial period, the oil palm operations segment contributed 99.8% of the Group revenue of RM109.6 million.

The revenue of the oil palm operations increased by RM47.6 million to RM109.4 million in the current financial period compared with RM61.8 million reported in the corresponding period of the preceding year. The increase was principally attributed to the effect of higher realised average selling prices of CPO and PK and higher sales volumes of CPO and PK.

The average selling prices of CPO and PK had increased approximately by 31.4% and 56% whereas the sales volumes of CPO and PK had increased by approximately 31.5% and 29.6% respectively for the current financial period.

The gross profit and profit before tax for the oil palm operations increased by RM23.2 million and RM18.4 million, respectively for the current financial period as compared to the corresponding period of the preceding year, in line with the increase in revenue.

Other segments

Other segments' results for the current quarter and current financial year are insignificant to the Group.

Prospects for the Current Financial Year

The performance of the Group is largely dependent on the production, operation efficiency and prices of CPO and PK.

The Group will continue in its efforts to improve its performance and use its best endeavour to achieve satisfactory results for the current financial year.