Palm oil woes drag First Resources H1 net profit by 20.8% to $78.8m

Total sales fell 26%.

Persistently low palm oil prices dented First Resources' bottomline in the first six months of the year.

The group's net profit fell 20.8% to $78.8m (US$56.3m), on back of 26% reduction in overall sales. Earnings fell 14% to $151.3m (US$108.1m).

“The industry is currently going through some key challenges, one of which is the persistent downward pressure on palm oil prices, which we have experienced since the end of last year. In the near term, we believe that prices will continue to be impacted by subdued demand as well as low prices of crude oil and other edible oils," said Ciliandra Fangiono, CEO of First Resources.

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