First Resources’ 4Q Results Underpinned by Strong Upstream Earnings; Increasing FVE to SGD 2.02
No-moat First Resources reported solid fourth-quarter results, with revenue and EBITDA up by 33.9% and 85.1% year over year, respectively, mainly driven by higher average selling prices for crude palm oil, or CPO. As a result, the company’s full-year net profit for 2016 soared by 31.1% year over year to USD 125 million, despite a 5.1% year-over-year decline in the production volume of fresh fruit bunches, owing to the negative effect of El Nino. Excluding the USD 13.2 million fair value gains of...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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