Lower margin takes down earnings of First Resources
Published on May 14, 2014 10:29 PM
SINGAPORE - Palm oil producer First Resources has posted a 29.2 per cent fall in first quarter net earnings to US$45 million (S$56.2 million).
Sales in the three months to March 31 slipped by 1.9 per cent to US$177.9 million, mainly due to higher sales volumes from the refinery and processing segment and partially offset by lower average selling prices.
Operating profit fell by 31 per cent to US$60 million, mainly due to the lower average selling prices of crude palm oil and its refined products.
This was partially offset by higher sales volumes from the refinery and processing segment, which was driven by the expansion of the group's processing capacity.
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