First Resources’ net profit slipped 38.5% to $36.9m in Q1

Due to lower palm oil prices.

First Resources reported that its net profit slipped 38.5% year-on-year to $36.9m (US$27.7m) in the first quarter.

The decline was blamed on lower average selling prices and sales volumes of palm based products, with the group’s sales plunging 45.9% to $128.3m (US$96.3m).

The overall decline in sales volumes was mainly due to lower purchases of palm oil products, a net build-up in inventory, as well as slowing down of processing activities at the Group’s refinery, fractionation and biodiesel plants.

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