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Financials

Quarterly Report For The Financial Period Ended 30 June 2017

Financials Archive

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INTERIM REPORT FOR THE 2ND QUARTER ENDED 30 JUNE 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 2, 2017 vs Quarter 2, 2016

The Group recorded revenue of RM82.9 million in the current interim quarter ended 30 June 2017 compared with RM90.3 million reported in the corresponding period of the preceding year. The decrease was principally due to the effect of lower realised average selling prices of PK, lower sales volumes of CPO and PK, partially offsetted by higher realised average selling prices of CPO during the current interim quarter.

The Group recorded a profit before tax of RM10.1 million for the current interim quarter as compared to a profit before tax of RM4.7 million for the corresponding period of the preceding year. The increase was principally due to the effect of lower expenditure during the current interim quarter.

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

Oil Palm Operations

For the current interim quarter, the oil palm operations segment contributed 99.8% of the Group revenue of RM82.9 million.

The revenue of the oil palm operations decreased by RM7.3 million to RM82.7 million in the current interim quarter compared with RM90 million reported in the corresponding period of the preceding year. The decrease was principally due to the effect of lower realised average selling prices of PK, lower sales volume of CPO and PK, partially offsetted by higher realised average selling prices of CPO and lower expenditure during the current quarter.

The average selling prices of CPO had increased approximately by 5.7% whereas the average selling prices of PK had decreased approximately by 16.7%. The sales volumes of CPO and PK had decreased by approximately 10% and 12.7% respectively for the current interim quarter.

The gross profit and profit before tax for the oil palm operations increased by RM1.5 million and RM5.2 million, respectively for the current interim quarter as compared to the corresponding period of the preceding year. The increase was in line with the lower expenditure during the current interim quarter.

Six months ended 30 June 2017 vs Six months ended 30 June 2016

The Group recorded revenue of RM192.6 million in the current financial period ended 30 June 2017 compared with RM152.4 million reported in 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 Group recorded a profit before tax of RM27.3 million for the current financial period as compared to profit before tax of RM3.2 million for the corresponding period of the preceding year. The increase was principally in line with the increase in revenue 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 RM192.6 million.

The revenue of the oil palm operations increased by RM40.3 million to RM192.1 million in the current financial period compared with RM151.8 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 17.8% and 16.4% whereas the sales volumes of CPO and PK had increased by approximately 7.9% and 5.6% respectively for the current financial period.

The gross profit and profit before tax for the oil palm operations increased by RM24.7 million and RM23.5 million, respectively for the current financial period as compared to the corresponding period of the preceding year, in line with the increase in revenue during the current financial period.

Other segments

Other segments' results for the current quarter and current financial period 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.


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