SINGAPORE - Lower sales price of palm products took a toll on results for palm oil producer Bumitama Agri for its first quarter, exacerbated by higher general and administrative expense, higher finance cost and foreign exchange loss.

Net profit sank 16.8 per cent to 231.77 billion rupiah (S$22.1 million) from the preceding year, the group said in a Singapore Exchange filing on Tuesday morning (May 8).

For the three months ended March 31, revenue sank 9.1 per cent to 1.91 trillion rupiah from the previous year, due partly to lower sales price of crude palm oil and palm kernel, it said. This was despite higher volumes of crude palm oil and palm kernel sold in the quarter.

Earnings per share shrank to 132 rupiah from 159 rupiah in the preceding year. Net asset value per share was 4,396 rupiah as at March 31, from 4,282 rupiah three months ago.