First Resources records 20.7% increase in full year net profit

PALM oil and plantation company First Resources' full-year numbers were boosted by higher sales of palm-based products, but fourth quarter numbers were more muted.

The Indonesian firm recorded a net profit of US$237.1 million (S$291.6 million) for the 12 months ended Dec 31, an increase of 20.7 per cent against the previous year.

For the three months ended Dec 31, the group recorded net profit of US$73.1 million, a 6.1 per cent decrease over the same period the previous year.

Sales in the fourth quarter decreased by 15.2 per cent to US$134.1 million, mainly due to reduced sales volume from refinery and processing, as well as lower palm oil prices.

For the full year, sales grew 22.0 per cent over the previous year to US$603.4 million, on the back of higher sales volumes from the plantations and palm oil mills sectors, as well as the refinery and processing sector.

Earnings per share for the 12 months stood at 15.29 US cents, compared with 13.38 cents a year earlier, while the group's net asset value per share came in at 70 US cents on Dec 31, up from 60 US cents a year earlier.