, Singapore

First Resources net profit down 16.7% amidst volatile palm oil prices

First Resources’ reported a net profit of $32.6m for the first half of the year.

First Resources logged a net profit of $32.6m for the first half of the year, 16.7% short of the $39.1m recorded for the same period last year.

“Palm oil prices had been volatile during the first half of the year, driven by price movements in the rest of the vegetable oil complex and expectations of impending changes to the export levy structure in Indonesia,” said First Resources CEO Ciliandra Fangiono in a press statement.

Indonesia reduced its export levies for palm oil products as of 2 July, which would reduce the export tax for the second half of the year.

First Resources expects its output growth to continue for the rest of the year as it enters the production upcycle that typically happens in the latter half.

“Looking ahead, palm’s attractive relative pricing against competing for edible oils is expected to lend support to prices whilst the lower export levy in Indonesia will help to reduce the export tax burden for exporters in the second half of the year,” Fangiono said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


C&W Services transforms headquarters into a ‘living lab’
The new office is set to be the ground for the firm’s new facilities management technologies.
How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.