First Resources’ 1Q Results Boosted by Higher Selling Prices and Production Volumes, FVE Intact
No-moat-rated First Resources’ 2017 first-quarter net profit of USD 48.5 million was a significant improvement from the earnings of USD 5.3 million, a year ago. The stronger performance was primarily owing to higher average selling prices for crude palm oil, or CPO, and increased production volume. The results accounted for 31% of our full-year estimate but we are maintaining our earnings forecasts as we expect weaker results ahead due to the weakening CPO prices. We retain our fair value estima...First Resources is an investment holding company. Through its subsidiaries, Co. is engaged in oil palm plantation, palm oil refining and palm kernel crushing, marketing and distribution of palm oil products, investment holding, oil palm seed breeding, aircraft ownership and management, and rubber plantation. Co. and its subsidiaries have two reportable segments: Plantations and Palm Oil Mills, which is involved in the cultivation and maintenance of oil palm plantations and operation of palm oil mills; and Refinery and Processing, which markets and sells processed palm based products produced from the refinery, fractionation and biodiesel plants and other downstream processing facilities.
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