First Resources posts 20% fall in Q3 net profit on lower selling prices, forex losses

Lower average selling prices for its products and foreign exchange losses resulted in Singapore-listed palm oil producer First Resources posting a 20 per cent drop in net profit in the third quarter of the same period last year.

Net profit slid to US$51.4 million (S$64.2 million) for the three months to Sep 30, even as revenue inched up 0.8 per cent to US$153 million, the group said in a Singapore Exchange filing on Wednesday.

Sales were supported by higher sales volumes from the group's plantations and palm oil mills segment, but this was partially offset by lower average selling oil prices from the refinery and processing segment.

First Resources also recorded foreign exchange losses of US$8.1 million in the third quarter this year, compared with gains of US$2.6 million a year ago. This was largely because of the depreciation of the Indonesian rupiah against the US dollar.

Earnings per share was 9.64 US cents for the third quarter this year, down from 10.65 US cents a year ago.

Net asset value per share also dipped to 62 US cents as at Sep 30, from 70 US cents as at Dec 31 last year.