First Resources’ Q3 profit tumbles 26% to US$32m

Blame lower palm oil prices.

First Resources’ core profit after tax and minority interests (PATMI) dipped 26% YoY to US$32m in Q3, according to a report by Maybank Kim Eng. This brings September’s core PATMI down to US$88m, reflecting 23% YoY slip.

Maybank Kim Eng asserts that Q3’s YoY weakness stems primarily from 25% YoY and 16% QoQ decline of CPO average selling prices. This was mitigated by FFB nucleus output which climbed 11% YoY and 35% QoQ, though.

Net inventory build-up was likewise high at 70,000 MT, although this was just an issue of timing as inventory normalised in October.

Downstream margins also performed satisfactorily as it surged 111% YoY to US$105/tonne.

Further, First Resources enjoyed an export-tax differential of US$20-30/tonne, as well as profited from hedging positions.

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